Republic of Congo Insurance Industry – Key Trends and Opportunities to 2024
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The total gross written premium of Insurance market in Republic of Congo was valued at $103.10 million in 2019. The market is projected to grow at a CAGR of less than 1% during the period 2020-2024. The Government of Congo permits 100% foreign direct investments in the country’s insurance industry. According to the treaty signed by Francophone African states, any company established in any other CIMA member states are permitted to operate in the Republic of Congo without any local licensing requirements.
In 2019, general insurance was the largest segment followed by life insurance. The general insurance segment was mainly driven by liability insurance.
Overview of life insurance market in Republic of Congo
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What are the market dynamics in Insurance market in Republic of Congo?
The Republic of Congo is a lower middle-income country that has been experiencing an economic downturn due to the deficiency of the oil sector, which was caused by the decline in production and world oil prices. The economy was further negatively impacted by the COVID-19 pandemic.
Microinsurance
Growth in microinsurance, coupled with the increase in the use of internet and further technological enhancements to sell policies online, is expected to enhance the demand for microinsurance products over the forecast period. Life insurance products dominate the microinsurance product portfolio. Term life and credit life are popular microinsurance life products sold in many African countries, including the Republic of Congo.
Parametric insurance
Congo has been prone to natural disasters such as floods that cause immense damage to the agriculture and livestock. In March 2021, heavy rainfall had caused severe flash flooding in Brazzaville. Therefore, the frequency of such events has asserted the demand for parametric insurance in the country. In sub-Saharan Africa, including Republic of Congo, as little as 3% of farmers use insurance, while climate variability increases. ACRE Africa has used Etherisc’s blockchain-based platform to create a digitized weather index insurance product.
Political risk insurance (PRI)
Political violence and civil unrest have remained key risks in the country. The US Department of State have assessed Brazzaville a threat location for political violence due to an insurgent group known as the Ninjas in the western Pool region.
What are the segment classifications in Republic of Congo’s insurance market?
In 2019, general insurance accounted for the highest share in the Republic of Congo’s insurance market.
General insurance market in Republic of Congo
The general insurance segment was mainly driven by liability insurance, which accounted for more than 32% of the non-life premiums in 2019. Motor insurance was the largest retail line of business, cornering 55.8% of the retail segment. Liability insurance was the largest commercial line, accounting for 49.7% of the commercial insurance DWP. It was also the fastest growing line in the general insurance segment, which grew at a CAGR of 63.2% over the review period. In general insurance segment, various lines of business include property; liability; marine, aviation and transit insurance; miscellaneous; miscellaneous; motor; and non-life accident and health insurance.
Life insurance market in Republic of Congo
Individual life insurance and pension insurance are expected to be the fastest growing line of business in Congo and the rest of Africa during the forecast period. According to World Bank, social insurance coverage in the country has been limited to those in the public sector, labor market programs, unemployment benefits and public employment services, which are non-existent. Therefore, the country is looking forward to consolidating and expand the existing safety net program, Lisungi, as part of a bundle of productive, incentive-based and income-generating activities.
Insurance market in Republic of Congo, by segment
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Who are the major market players in life insurance market in Republic of Congo?
In 2019, NSIA Vie Congo was the leading market player in the life insurance market in Republic of Congo followed by Assurances Generales Du Congo – VIE (AGC-VIE).
Assurances Et Reassurances Du Congo led the general insurance market in Republic of Congo followed by Assurances Generales Du Congo (AGC), Saham Assurance (Republic of the Congo), Allianz Congo Assurances, Nouvelle Societe Interafricaine D’Assurances (Republic of the Congo), and L’Africaine Des Assurances Congo Brazzaville.
General insurance market in Republic of Congo, by key players
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Market report scope
Market size (Year – 2019) -Insurance | $103.10 million (Gross Written Premiums) |
Growth rate – Insurance | CAGR of less than 1% from 2020 to 2024 |
Base year for estimation | 2019 |
Market Segments | Life Insurance, General Insurance |
Forecast period | 2020-2024 |
Key players | NSIA Vie Congo, Assurances Generales Du Congo – VIE (AGC-VIE), Assurances Et Reassurances Du Congo, Assurances Generales Du Congo (AGC), Saham Assurance (Republic of the Congo), Allianz Congo Assurances, Nouvelle Societe Interafricaine D’Assurances (Republic of the Congo), L’Africaine Des Assurances Congo Brazzaville and others |
This report provides a comprehensive analysis of the life insurance segment in Republic of Congo.
- Provides historical values for Republic of Congo’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 Republic of Congo’s insurance segment, and market forecasts to 2024.
- Profiles the top life insurance companies in Republic of Congo and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to Republic of Congo’s insurance segment, and each category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in Republic of Congo’s insurance segment.
- Assess the competitive dynamics in the insurance segment.
- Identify growth opportunities and market dynamics in the insurance segment.
Assurances Generales Du Congo (AGC)
Saham Assurance (Republic of the Congo)
Allianz Congo Assurances
Nouvelle Societe Interafricaine D'Assurances (Republic of the Congo)
L’Africaine Des Assurances Congo-Brazzaville
NSIA Vie Congo
Assurances Generales Du Congo - VIE (AGC-VIE)
Table of Contents
Frequently asked questions
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What is the gross written premiums value for insurance market in Republic of Congo in 2019?
The total gross written premium of insurance market in Republic of Congo was valued at $103.10 million in 2019.
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What is the growth rate of life insurance market in Republic of Congo?
The insurance market in Republic of Congo is projected to grow at a CAGR of less than 1% during the period 2020-2024.
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What are the key segments in Republic of Congo insurance market?
Key segments in Republic of Congo’s insurance market includes life insurance and general insurance.
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Who are the key market players in the insurance market in Republic of Congo?
In 2019, NSIA Vie Congo was the leading market player in the life insurance market in Republic of Congo while Assurances Et Reassurances Du Congo led the general insurance market.
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