The professional insurers' association of Guinea (APAG) has made an assessment of its entity for the year 2018 at a meeting in Conakry on January 4, 2019. The APAG now has 12 insurance companies, 11 non-life companies and one life company. Distribution is provided by 38 brokers and 23 general agents.
Despite the presence of insurance actors, the insurance penetration rate remains one of the lowest in the sub-region. The insurance market is facing several problems with mailny the failure to comply with mandatory motor insurance. Almost 70% of vehicles are uninsured.
The non-compliance of mandatory insurance of import goods and the relocation of mining operations risks are also obstacles.
In order to overcome these difficulties, a long-term reform programme was launched in 2018. This has been achieved in particular via the establishment of the advisory committee on insurance.
The reform provides for the renewal of APAG's executive boards and of the brown card of the Economic Community of West African States (ECOWAS). The other projects relate to the restructuring of the Motor Guarantee Fund as well as to unifying and securing motor insurance certificates.
The organization of the insurance days is still a topical project, just as the creation of the Public Passenger Transport Pool, of the agricultural insurance company and of the national reinsurance company.
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