Gabon Insurance Industry – Key Trends and Opportunities to 2024
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The total direct written premium of the insurance market in Gabon was valued at $170.7 million in 2019. The market is projected to grow at a CAGR of more than 3% during the period 2020-2024. The increased awareness among the population due to COVID-19 outbreak led customers to buy life insurance contracts in the country.
In 2020, the insurance industry was dominated by the general insurance segment followed by life insurance. The life insurance segment is expected to grow at faster pace during the forecast period.
Overview of the insurance market in Gabon
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What are the market dynamics in the insurance market in Gabon?
Cyber insurance
Cyber insurance is in a nascent stage in Sub-Saharan Africa and is slowly gaining prominence. This has been partly due to the difficulties in the pricing of cyber risks in the continent. Without significant regional claims data, creating accurate pricing models has been challenging. For this reason, many insurers have moved to technical rates of underwriting from a retention and premium threshold perspective.
Telemedicine
Due to the isolated nature of many villages in Gabon and the long distances to travel to big cities, many people are deprived of healthcare services in the country. Hence, telemedicine is gaining prominence in the country. In March 2020, Comilog, a subsidiary of Eramet, a mining company, launched its first telemedicine booth, ‘Consult Station’, designed by H4D in the country.
Agri insurance
Gabon‘s agricultural sector is particularly vulnerable to climate change, as it is highly weather dependent. According to the World Bank, Gabon’s agricultural sector employs more than 50% of the population and the sector’s vulnerability to climate change is of significant concern to the country.
What are the segment classifications in Gabon’s insurance market?
In 2020, general insurance accounted for the highest share in Gabon’s insurance market.
General insurance market in Gabon
In the general insurance segment, various lines of business include motor insurance, property insurance, liability insurance, MAT insurance, and PA&H insurance. During the forecast period, motor insurance is expected to decline in terms of DWP. The decline in the sector can be attributed to the COVID-19 outbreak, coupled with lower renewals of insurance policies and a rise in taxes that shall contribute to the overall decline in the segment.
In 2020, retail insurance was the dominant consumer segment in general insurance market in Gabon. Personal accident and health (PA&H) insurance was the largest sub-segment with more than 25% share in terms of DWP.
Life insurance market in Gabon
The improved macro-economic situation in terms of GDP and the inflation rate helped the life insurance market to witness strong growth in 2019. The market is expected to grow during the forecast year, primarily driven by the increased awareness of life insurance plans amid the COVID-19 pandemic. The life insurance investment portfolio includes corporate bonds, investment funds, and other investments.
Insurance market in Gabon, by segment
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Who are the major market players in the insurance market in Gabon?
In 2019, Omnium Gabonais d’Assurances et de Reassurances Vie was the leading market player in the life insurance market in Gabon followed by Sunu Assurances Vie Gabon, and Nouvelle Societe Interafricaine d’Assurances Vie- Gabon.
In the general insurance market, Saham Assurance Gabon was the leading market player followed by Assurances Industrielles et Commerciales SA, Omnium Gabonais d’Assurances et de Reassurances, AXA Cote D’Ivoire(Gabon), and Nouvelle Societe Interafricaine d’Assurances- Gabon.
Life insurance market in Gabon, by key players
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Market report scope
Market size (Year – 2019) -Insurance | $170.7 million (Direct written premiums) |
Growth rate – Insurance | CAGR of more than 3% from 2020 to 2024 |
Base year for estimation | 2019 |
Market Segments | Life Insurance and General Insurance |
Forecast period | 2020-2024 |
Key players | Omnium Gabonais d’Assurances et de Reassurances Vie, Sunu Assurances Vie Gabon, Nouvelle Societe Interafricaine d’Assurances Vie- Gabon, Saham Assurance Gabon, Assurances Industrielles et Commerciales SA, Omnium Gabonais d’Assurances et de Reassurances, AXA Cote D’Ivoire(Gabon), and Nouvelle Societe Interafricaine d’Assurances- Gabon and others |
This report provides a comprehensive analysis of the insurance market in Gabon.
- Provides historical values for Gabon’s insurance segment for the report’s 2015-2019 review period, and projected figures for the 2020-2024 forecast period.
- Offers a detailed analysis of the key categories in Gabon’s insurance segment and market forecasts to 2024.
- Profiles the top insurance companies in Gabon and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to Gabon’s insurance segment, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in Gabon’s insurance segment.
- Assess the competitive dynamics in the insurance segment.
- Identify growth opportunities and market dynamics in the insurance segment.
Sunu Assurances Vie Gabon
Nouvelle Societe Interafricaine d'Assurances Vie - Gabon
Saham Assurance vie Gabon
Saham Assurance Gabon
Assurances Industrielles et Commerciales S.A.
Omnium Gabonais d'Assurances et de Reassurances
AXA Cote D’Ivoire(Gabon)
Nouvelle Societe Interafricaine d'Assurances - Gabon
Sunu Assurances IARD Gabon
Table of Contents
Frequently asked questions
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What is the direct written premiums value for the insurance market in Gabon in 2019?
The total direct written premium of the insurance market in Gabon was valued at $170.7 million in 2019.
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What is the growth rate of the insurance market in Gabon?
The insurance market in Gabon is projected to grow at a CAGR of more than 3% during the period 2020-2024.
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What are the key segments in Gabon’s insurance market?
Key segments in Gabon’s insurance market include life insurance and general insurance.
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Who are the key market players in the insurance market in Gabon?
In 2019, Omnium Gabonais d’Assurances et de Reassurances Vie was the leading market player in the life insurance market in Gabon followed by Sunu Assurances Vie Gabon, and Nouvelle Societe Interafricaine d’Assurances Vie- Gabon.
In the general insurance market, Saham Assurance Gabon was the leading market player followed by Assurances Industrielles et Commerciales SA, Omnium Gabonais d’Assurances et de Reassurances, AXA Cote D’Ivoire(Gabon), and Nouvelle Societe Interafricaine d’Assurances- Gabon.
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