The Gabonese insurance market generated, in 2017, a turnover of 93.38 billion FCFA (156.2 million USD), down by 11.9% compared to 106 billion FCFA (170.4 million USD) in 2016.
This decline is due to a sluggish economic environment that impacted all activities. The non-life class of business, which accounts for 78% of the total underwritings, fell by 15.4% from 86.39 billion FCFA (138.9 million USD) in 2016 to 73.08 billion FCFA (122.3 million USD) in 2017. The life business grew by 3.5% to 20.3 billion FCFA (33.96 million USD).
With 31% of total written premiums, the OGAR group ranks first in the market, followed by Assinco (19%), AXA Gabon (13%), Saham (12%), NSIA (11%) and SUNU (10%).
This is the third year in a row since 2015 that the market has seen a decline in premiums.
At this date, the turnover of insurance companies amounted to 118.9 billion FCFA (198 million USD) against 121.4 billion FCFA (225 million USD) in 2014. The cumulative decline of the past three years is 23%.
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