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Gambia insurance market

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Magazine Issue: 
Reinsurers in control [3]
Magazine date: 
Nov 2021

Identity

Population: 2 280 092 inhabitants
gambia
GDP: 1.671 billion USD
GDP per inhabitant: 733 USD
GDP growth rate: 7.2%
Inflation rate 6.5%

Data as of 31/12/2018, Source: World Bank

Gambia insurance market: main indicators

 2018
Turnover7.324 million USD
Penetration rate0.4%
Insurance density3 USD

Read also | African insurance market [4]

Gambia: insurance market structure

Insurance and reinsurance companies
Non life
8
Life
1
Composite companies
2
Total11
Intermediaries
Brokers
10
General agents
130
Total
140

Data as of 31/12/2018, Source: Central Bank of the Gambia

Supervisory authority
Central Bank of The Gambia
www.cbg.gm [5]
Professional body
Insurance Association of the Gambia (IAG)
lagebc [at] hotmail [dot] com [6]

Gambia insurance market: premium evolution

Figures in million USD
 2015201620172018
Life and non-life premiums 6.4946.1655.5117.324

Source : Central Bank of the Gambia

Exchange rate as at 31/12/2015: 1 GMD = 0.02493 USD ; at 31/12/2016: 1 GMD = 0.02285 USD ; at 31/12/2017: 1 GMD = 0,02083 USD ; at 31/12/2018: 1 GMD = 0,02010 USD

Tue, 09/11/2021 - 15:11

Source URL: https://www.atlas-mag.net/en/article/gambia-insurance-market

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[3] https://www.atlas-mag.net/en/issue/atlas-magazine-n-185-november-2021
[4] https://www.atlas-mag.net/en/article/african-insurance-market-analysis-turnover-in-2019-per-country
[5] https://www.cbg.gm/
[6] http://www.apsab.org