Despite the difficult environment brought about by the COVID-19 pandemic, the Gabonese insurance market recorded good results in 2020, achieving a turnover of FCFA104.1bn ($189m), which represents an increase of 2.63% compared to the previous financial year.
All branches combined recorded good results, said the Gabonese Federation of Insurance Companies (FEGASA).
The P&C segment attracted premiums of FCFA81.8bn or 78.6% of the overall market. This represented an increase of 1.52%. The life branch raked in premiums of FCFA22.3bn or 21.4% of the total market in 2020. It grew at a rate of 6.91% last year.
FEGASA said, "These performances are a good illustration of the strength of the Gabonese market, which has been able to adapt to the new environment. The fact that turnover is supported by the life branch is sufficient proof that underwriting models have evolved.”
The federation says that the COVID-19 pandemic has led customers to take out life insurance contracts.
The decline in the activities of the P&C segment “is explained by the impact of the various government measures (closing land borders, limiting national or international flights as well as land and sea transport) taken to contain the spread of COVID-19 ”, said FEGASA president Andrew Gwodog.
Last year, ASSINCO topped the non-life business with a turnover of FCFA20.8bn, that is, a share of 20% of this segment, while Ogar retained its leadership in the life branch with a turnover of FCFA10.4bn, which represents 46% of the market in this segment.