News Africa11 Nov 2019

Gabon:3 insurers command 75% of insurance market

11 Nov 2019

Three insurance companies shared 75% of the market in Gabon in the first half of 2019 during which the turnover stood at FCFA45.73bn ($769m).

The three insurers are Ogar, which is a subsidiary of the BGFI banking group; Moroccan insurer Saham and France's AXA.

In the first six months of the year, the sector saw premium income rise by 8.8% from FCFA42.04bn for the corresponding period last year. The increase is explained largely by the rebound in premiums collected on non-life insurance products, mainly in the fire segment, which rose by 21.1% to reach FCFA8.6bn.

Life insurance and pension business remain as marginal activities in Gabon.

There are 11 insurance companies operating in Gabon where the non-life branch accounts for almost 80% of total premiums. Of the 11 insurers, seven operate as general insurers and four are life companies. In addition, there is a reinsurance company and 24 approved insurance brokers.


 


 

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