The Gabonese insurance market: declining results in 2018

statistiquesAccording to provisional figures published by the Gabonese Federation of Insurance Companies (FEGASA), the insurance market in Gabon continues to contract.

The sector reported a turnover of 94.145 billion FCFA (164.161 million USD) for the year 2018 against 93.38 billion FCFA (170.524 million USD) a year earlier. Both life and non life insurance were declining.

The seven non life insurance companies recorded 73.922 billion FCFA (128.898 million USD) in premiums, that is 78.5% of 2018 turnover. The overall underwritings fell by 3.6% compared to 2017. The four life insurance companies of the market achieved a turnover of 20.2 billion FCFA (35.22 million USD), 21.5% of the premiums underwritten. Their collection dropped by 10.5% over one year.

The Gabonese market, ranked fourth in the CIMA zone, has suffered for several years from an unstable economic environment and from the burden of the State unpaid premiums.

Lire aussi | 2017 results of the Gabonese insurance market

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