The Insurance Industry in Guinea, Key Trends and Opportunities to 2022

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Published: August 31, 2018 Report Code: GDIS1722MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s "The Insurance Industry in Guinea, Key Trends and Opportunities to 2022" report provides detailed analysis of the market trends, drivers and challenges in the Guinean insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Guinean economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

The report provides in-depth market analysis, information and insights into the Guinean insurance industry, including –
– The Guinean insurance industry's growth prospects by segment and category
– A comprehensive overview of the Guinean economy and demographics
– Details of the competitive landscape in the Guinean insurance industry
– The various distribution channels in the Guinean insurance industry
– Details of regulatory policy applicable to the Guinean insurance industry
– Analysis of natural hazards in the Guinean insurance industry.

Scope

– This report provides a comprehensive analysis of the insurance industry in Guinea

– It provides historical values for the Guinean insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.

– It offers a detailed analysis of the key segments in the Guinean insurance industry, with market forecasts to 2022.

– It covers an exhaustive list of parameters, including written premium and claims.

– It analyzes the various distribution channels in Guinea.

– It profiles the top insurance companies in Guinea, and outlines the key regulations affecting them.

Reasons to Buy

– Make strategic business decisions using in-depth historic and forecast market data related to the Guinean insurance industry and each segment and category within it.

– Understand the demand-side dynamics, key market trends and growth opportunities in the Guinean insurance industry.

– Assess the competitive dynamics in the Guinean insurance industry.

– Identify the growth opportunities and market dynamics in key segments.

– Gain insights into key regulations governing the Guinean insurance industry and their impact on companies and the industry's future.

Union Guinéenne d’Assurance et de Réassurance (UGAR)
l’Union des Assurances de Guinée
NSIA Assurances Guinée
Société Guinéenne d’Assurances Mutuelle (SOGAM)
SAAR Assurances SA
La Guinéenne Vie Assurance
Societe Nouvelle D'Assurances De Guinee (SONAG)
International Insurance Company SA
SAHAM Assurance

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook

4.1 Industry Indicators

4.1.1 Gross written premium

4.1.2 Direct written premium

4.1.3 Insurance density

5 Life Insurance Outlook

5.1 Segment Indicators

5.1.1 Direct written premium

5.1.2 Penetration

5.1.3 Assets and investments

6 General Insurance Outlook

6.1 Segment Indicators

6.1.1 Gross written premium

6.1.2 Direct written premium

6.1.3 Penetration

6.1.4 Loss ratio

6.1.5 Assets and investments

6.2 Property Insurance

6.2.1 Direct written premium

6.2.2 Penetration

6.3 Motor Insurance

6.3.1 Direct written premium

6.3.2 Penetration

6.4 Liability Insurance

6.4.1 Direct written premium

6.4.2 Penetration

6.5 Marine, Aviation and Transit Insurance

6.5.1 Direct written premium

6.5.2 Penetration

6.6 Personal Accident and Health Insurance

6.6.1 Direct written premium

6.6.2 Penetration

6.6.3 Profitability

6.7 Miscellaneous

6.7.1 Direct written premium

6.7.2 Penetration

7 Reinsurance Outlook

7.1 Premium Ceded

8 Distribution Channel Outlook

9 Natural and Man-Made Hazards

9.1 Flooding

9.2 Epidemics

9.3 Exposure

10 Competitive Landscape

10.1 Company Profiles

10.1.1 Union Guineenne d’Assurances Et De Reassurances (UGAR) – company overview

10.1.2 l’Union des Assurances de Guinée – company overview

10.1.3 NSIA Assurances Guinée – company overview

10.1.4 Société Guinéenne d’Assurances Mutuelle (SOGAM) – company overview

10.1.5 SAAR Assurances SA – company overview

11 Governance, Risk and Compliance

11.1 Legislation Overview and Historical Evolution

11.2 Latest Changes in Regulation

11.3 Legislation and Market Practice by Type of Insurance

11.3.1 Life insurance

11.3.2 Property insurance

11.3.3 Motor insurance

11.3.4 Liability insurance

11.3.5 Marine, aviation and transit insurance

11.3.6 Personal accident and health insurance

11.4 Compulsory Insurance

11.4.1 Motor third-party liability insurance

11.4.2 Marine liability insurance

11.4.3 Liability insurance for ships with respect to oil pollution

11.4.4 Professional indemnity insurance for brokers

11.4.5 Aviation liability insurance

11.5 Supervision and Control

11.5.1 International Association of Insurance Supervisors

11.5.2 Banque Centrale de la République de Guinée

11.6 Non-Admitted Insurance Regulations

11.6.1 Overview

11.6.2 Intermediaries

11.6.3 Market practices

11.6.4 Fines and Penalties

11.7 Company Registration and Operations

11.7.1 Type of insurance organization

11.7.2 Establishing a local company

11.7.3 Foreign ownership

11.7.4 Types of license

11.7.5 Capital requirements

11.7.6 Solvency margin

11.7.7 Reserve requirements

11.7.8 Investment regulations

11.7.9 Statutory return requirements

11.7.10 Fee structure

11.8 Taxation

11.8.1 Insurance premium or policy taxation

11.8.2 Withholding taxes on premium paid overseas

11.8.3 Corporate tax

11.8.4 VAT

11.8.5 Captives

11.9 Legal System

11.9.1 Introduction

11.9.2 Access to court

11.9.3 Alternative dispute resolution

12 Databook

12.1 Life Insurance

12.1.1 Policies and premium

12.1.2 Assets and investments

12.2 General Insurance

12.2.1 Policies and premium

12.2.2 Claims and expenses

12.2.3 Assets and investments

12.2.4 Property insurance

12.2.5 Motor insurance

12.2.6 Motor insurance by category

12.2.7 Liability insurance

12.2.8 Marine, aviation and transit insurance

12.2.9 Personal accident and health insurance

13 Definitions and Methodology

13.1 Definitions

13.2 Methodology

14 About GlobalData

14.1 Contact GlobalData

14.2 About GlobalData

14.3 GlobalData’s Services

14.4 Disclaimer

Table

List of Tables

Table 1: Guinean Insurance Industry – Key Facts, 2017

Table 2: Guinean Insurance Industry – Top Insurers, 2017

Table 3: Guinean Insurance Industry – Gross Written Premium (GNF Billion and US$ Million), 2013-2017

Table 4: Guinean Insurance Industry – Gross Written Premium (GNF Billion and US$ Million), 2017-2022

Table 5: Guinean Insurance Industry – Direct Written Premium (GNF Billion and US$ Million), 2013-2017

Table 6: Guinean Insurance Industry – Direct Written Premium (GNF Billion and US$ Million), 2017-2022

Table 7: Guinean Insurance Industry – Density (GNF), 2013-2017

Table 8: Guinean Insurance Industry – Density (GNF), 2017-2022

Table 9: Guinean Life Insurance – Direct Written Premium (GNF Billion and US$ Million), 2013-2017

Table 10: Guinean Life Insurance – Direct Written Premium (GNF Billion and US$ Million), 2017-2022

Table 11: Guinean Life Insurance – Total Investment Income (GNF Billion and US$ Thousands), 2013-2017

Table 12: Guinean Life Insurance – Total Investment Income (GNF Billion and US$ Thousands), 2017-2022

Table 13: Guinean Life Insurance – Investment Portfolio (GNF Billion), 2013-2017

Table 14: Guinean Life Insurance – Investment Portfolio (GNF Billion), 2017-2022

Table 15: Guinean General Insurance – Gross Written Premium (GNF Billion and US$ Million), 2013-2017

Table 16: Guinean General Insurance – Gross Written Premium (GNF Billion and US$ Million), 2017-2022

Table 17: Guinean General Insurance – Direct Written Premium (GNF Billion and US$ Million), 2013-2017

Table 18: Guinean General Insurance – Direct Written Premium (GNF Billion and US$ Million), 2017-2022

Table 19: Guinean General Insurance – Total Investment Income (GNF Billion and US$ Million), 2013-2017

Table 20: Guinean General Insurance – Total Investment Income (GNF Billion and US$ Million), 2017-2022

Table 21: Guinean General Insurance – Investment Portfolio (GNF Billion), 2013-2017

Table 22: Guinean General Insurance – Investment Portfolio (GNF Billion), 2017-2022

Table 23: Guinean Property Insurance – Gross Written Premium (GNF Billion and US$ Million), 2013-2017

Table 24: Guinean Property Insurance – Gross Written Premium (GNF Billion and US$ Million), 2017-2022

Table 25: Guinean Motor Insurance – Gross Written Premium (GNF Billion and US$ Million), 2013-2017

Table 26: Guinean Motor Insurance – Gross Written Premium (GNF Billion and US$ Million), 2017-2022

Table 27: Guinean Liability Insurance – Gross Written Premium (GNF Billion and US$ Million), 2013-2017

Table 28: Guinean Liability Insurance – Gross Written Premium (GNF Billion and US$ Million), 2017-2022

Table 29: Guinean Marine, Aviation and Transit Insurance – Gross Written Premium (GNF Billion and US$ Million), 2013-2017

Table 30: Guinean Marine, Aviation and Transit Insurance – Gross Written Premium (GNF Billion and US$ Million), 2017-2022

Table 31: Guinean Personal Accident and Health Insurance – Gross Written Premium (GNF Billion and US$ Million), 2013-2017

Table 32: Guinean Personal Accident and Health Insurance – Gross Written Premium (GNF Billion and US$ Million), 2017-2022

Table 33: Guinean Personal Accident and Health Insurance – Loss Ratio (%), 2013-2017

Table 34: Guinean Personal Accident and Health Insurance – Loss Ratio (%), 2017-2022

Table 35: Guinean Miscellaneous – Gross Written Premium (GNF Billion and US$ Thousands), 2013-2017

Table 36: Guinean Miscellaneous – Gross Written Premium (GNF Billion and US$ Thousands), 2017-2022

Table 37: Guinean Reinsurance – Premium Ceded by Insurance Segment (GNF Billion), 2013-2017

Table 38: Guinean Reinsurance – Premium Ceded by Insurance Segment (GNF Billion), 2017-2022

Table 39: Guinean Insurance Industry – Leading Insurers, 2017

Table 40: Union Guineenne d'Assurances Et De Reassurances – Key Facts

Table 41: L’Union des Assurances de Guinée – Key Facts

Table 42: NSIA Assurances Guinée – Key Facts

Table 43: Société Guinéenne d’Assurances Mutuelle (SOGAM) – Key Facts

Table 44: Union Guineenne d’Assurances Et De Reassurances – Key Facts

Table 45: Guinea – Insurance Regulatory Framework Key Features

Table 46: Guinea – Intermediary Remuneration

Table 47: Guinea – Life Insurance Regulatory Framework

Table 48: Guinea – Property Insurance Regulatory Framework

Table 49: Guinea- Motor Insurance Regulatory Framework

Table 50: Guinea – Liability Insurance Regulatory Framework

Table 51: Guinea- Insurance Premium Tax Rates

Table 52: Guinea – Corporate Tax Rates for the Financial Year 2017

Table 53: Guinean Life Insurance – Policies and Premium, 2013-2017

Table 54: Guinean Life Insurance – Policies and Premium, 2017-2022

Table 55: Guinean Life Insurance – Assets and Investments, 2013-2017

Table 56: Guinean Life Insurance – Assets and Investments, 2017-2022

Table 57: Guinean General Insurance – Policies and Premium, 2013-2017

Table 58: Guinean General Insurance – Policies and Premium, 2017-2022

Table 59: Guinean General Insurance – Claims and Expenses, 2013-2017

Table 60: Guinean General Insurance – Claims and Expenses, 2017-2022

Table 61: Guinean General Insurance – Assets and Investments, 2013-2017

Table 62: Guinean General Insurance – Assets and Investments, 2017-2022

Table 63: Guinean General Insurance – Property Insurance, 2013-2017

Table 64: Guinean General Insurance – Property Insurance, 2017-2022

Table 65: Guinean General Insurance – Motor Insurance, 2013-2017

Table 66: Guinean General Insurance – Motor Insurance, 2017-2022

Table 67: Guinean General Insurance – Motor Insurance by Category, 2013-2017

Table 68: Guinean General Insurance – Motor Insurance by Category, 2017-2022

Table 69: Guinean General Insurance – Liability Insurance, 2013-2017

Table 70: Guinean General Insurance – Liability Insurance, 2017-2022

Table 71: Guinean General Insurance – Marine, Aviation and Transit Insurance, 2013-2017

Table 72: Guinean General Insurance – Marine, Aviation and Transit Insurance, 2017-2022

Table 73: Guinean General Insurance – Personal Accident and Health Insurance, 2013-2017

Table 74: Guinean General Insurance – Personal Accident and Health Insurance, 2017-2022

Table 75: Insurance Industry Definitions

Figures

List of Figures

Figure 1: Guinean Real GDP (GNF Trillion), 2013-2022

Figure 2: Guinean Exchange Rate (GNF per US$), 2013-2022

Figure 3: Guinean Consumer Price Inflation (%), 2013-2022

Figure 4: Guinean Current Account Balance as Percentage of GDP (%), 2013-2022

Figure 5: Guinean Unemployment Rate, 2013-2022

Figure 6: Guinean Population by Age Group, 1990-2025

Figure 7: Guinean Insurance Industry – Gross Written Premium (GNF Billion), 2013-2022

Figure 8: Guinean Insurance Industry – Direct Written Premium (GNF Billion), 2013-2022

Figure 9: Guinean Insurance Industry – Density (GNF), 2013-2022

Figure 10: Guinean Life Insurance – Direct Written Premium (GNF Billion), 2013-2022

Figure 11: Guinean Life Insurance – Penetration (%), 2013-2017

Figure 12: Guinean Life Insurance – Penetration (%), 2017-2022

Figure 13: Guinean Life Insurance – Total Investment Income (GNF Billion), 2013-2022

Figure 14: Guinean Life Insurance – Investment Portfolio (GNF Billion), 2013-2022

Figure 15: Guinean Life Insurance – Investment Portfolio Dynamics (GNF Billion), 2013-2022

Figure 16: Guinean General Insurance – Gross Written Premium (GNF Billion), 2013-2022

Figure 17: Guinean General Insurance – Direct Written Premium (GNF Billion), 2013-2022

Figure 18: Guinean General Insurance – Penetration (%), 2013-2017

Figure 19: Guinean General Insurance – Penetration (%), 2017-2022

Figure 20: Guinean General Insurance – Loss Ratio (%), 2013-2017

Figure 21: Guinean General Insurance – Loss Ratio (%), 2017-2022

Figure 22: Guinean General Insurance – Total Investment Income (GNF Billion), 2013-2022

Figure 23: Guinean General Insurance – Investment Portfolio (GNF Billion), 2013-2022

Figure 24: Guinean General Insurance – Investment Portfolio Dynamics (GNF Billion), 2013-2022

Figure 25: Guinean Property Insurance – Gross Written Premium (GNF Billion), 2013-2022

Figure 26: Guinean Property Insurance – Penetration (%), 2013-2017

Figure 27: Guinean Property Insurance – Penetration (%), 2017-2022

Figure 28: Guinean Motor Insurance – Gross Written Premium (GNF Billion), 2013-2022

Figure 29: Guinean Motor Insurance – Penetration (%), 2013-2017

Figure 30: Guinean Motor Insurance – Penetration (%), 2017-2022

Figure 31: Guinean Liability Insurance – Gross Written Premium (GNF Billion), 2013-2022

Figure 32: Guinean Liability Insurance – Penetration (%), 2013-2017

Figure 33: Guinean Liability Insurance – Penetration (%), 2017-2022

Figure 34: Guinean Marine, Aviation and Transit Insurance – Gross Written Premium (GNF Billion), 2013-2022

Figure 35: Guinean Marine, Aviation and Transit Insurance – Penetration (%), 2013-2017

Figure 36: Guinean Marine, Aviation and Transit Insurance – Penetration (%), 2017-2022

Figure 37: Guinean Personal Accident and Health Insurance – Gross Written Premium (GNF Billion), 2013-2022

Figure 38: Guinean Personal Accident and Health Insurance – Penetration (%), 2013-2017

Figure 39: Guinean Personal Accident and Health Insurance – Penetration (%), 2017-2022

Figure 40: Guinean Personal Accident and Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (GNF Billion and %), 2013-2022

Figure 41: Guinean Miscellaneous – Gross Written Premium (GNF Billion), 2013-2022

Figure 42: Guinean Miscellaneous – Penetration (%), 2013-2017

Figure 43: Guinean Miscellaneous – Penetration (%), 2017-2022

Figure 44: Guinean Reinsurance – Premium Ceded by Insurance Segment (GNF Billion), 2013-2022

Figure 45: Guinean General Insurance – Percentage of Reinsurance Ceded (%), 2013-2022

Figure 46: Guinea – Insurance Supervision and Control at Various Levels

Figure 47: Guinea – Insurance Regulatory Frameworks for Company Registration and Operation

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