Gabonese insurance market slowing down

A sluggish economic environment and sizable State premium arrears with companies are the factors accounting for the recession of the insurance market since 2015. To this date, the turnover of insurance companies amounted to 118.9 billion FCFA (198 million USD) compared to 121.4 billion FCFA (225 million USD) in 2014.

The decrease reported in 2015 is poised to linger on in 2016 with a turnover of 55.56 billion FCFA (89 million USD) for the first six months compared to 59.42 billion FCFA (98.9 million USD) over the same period of 2015.

In terms of premium volume, Gabon is standing in the fourth position of the CIMA Zone behind Côte d’Ivoire, Cameroon and Senegal. The country totals nine insurers, one reinsurer and 24 licensed insurance brokers. The non life class of business accounts for about 85% of the turnover.

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