Despite the rise of its closest competitors, OGAR Vie retained its leading position in the Gabonese life insurance market in 2020, growing by around 6% to reach FCFA10.4bn ($18.3m) in GWP. and a market share of 46%.
Sunu Assurances Vie Gabon with a turnover of FCFA9.2bn last year and NSIA Vie Assurances, with FCFA2bn in turnover, are 2nd and 3rd respectively, according to local media reports citing data from the Gabonese Federation of Insurance Companies (FEGASA).
The life insurance performances of the three companies, as well as that of the life sector as a a whole, are attributed to higher demand for protection because of the COVID-19 pandemic, states FEGASA in a report.
Life business in Gabon posted an increase in turnover of 6.91% in 2020 to FCFA22.3bn