Magazine date:
Dec 2017 The Gabonese authorities have decided to revise downward the legal cession rates. This decision comes following the negotiations between the national insurance board (DNA), the Gabonese federation of insurance companies (FEGASA) and the national reinsurer SCG-Ré.
Law n° 008/2017 of August 3, 2017 which stipulates the increase of the legal cession to the first franc at 50% and the introduction of a 15% legal cession on the reinsurance treaties was thus amended as follows:
- The cession on non-life insurance policies is reduced to its former rate of 15%.
- The cession on life insurance policies is revised downward from 10% to 8%.
- The legal cession on the reinsurance treaties is set at 5%.
It should be reminded that since 2012, Gabon has applied a 15% legal cession on direct insurance policies and 10% on life insurance ones.
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