The Insurance Industry in the Gambia, Key Trends and Opportunities to 2019

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Published: May 24, 2016 Report Code: GD-IS1214MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'The Insurance Industry in the Gambia, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Gambian insurance industry.

It provides key performance indicators such as written premium and total assets during the review period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Gambian 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.

Scope

This report provides a comprehensive analysis of the insurance industry in the Gambia:

• It provides historical values for the Gambian insurance industry for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

• It offers a detailed analysis of the key segments in the Gambian insurance industry, with market forecasts to 2019.

• It covers an exhaustive list of parameters, including written premium and total assets.

• It analyzes the various distribution channels in the Gambia.

• It profiles the top insurance companies in the Gambia, and outlines the key regulations affecting them.

Key Highlights

What is the Gambian economy dependent on? Which three sources of revenue each broadly constitute about 20.0% of the country’s GDP?

Which concept did insurance companies in the Gambia introduce in February 2016? What does this require of insurers? What initial piece of legislation is this provision a part of?

Which program from the Insurance Association of Gambia (IAG) has been subject of a relaunch? What are the key aims of this program and who is it in partnership with?

Reasons to Buy

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

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

• Assess the competitive dynamics in the Gambian insurance industry.

• Identify growth opportunities and market dynamics in key segments.

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

Gambia National Insurance Company Ltd
Takaful Gambia Ltd
Sunshine Company Ltd
Global Security Insurance Company Ltd
Prime Insurance Company Ltd
New Vision Insurance Company Ltd
Royal Insurance Gambia Ltd
Great Alliance Insurance Company Ltd
IGiGamster Insurance Company Ltd
Enterprise Life Assurance Gambia Ltd
Capital Express Assurance (G) Ltd

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 The Gambian Insurance Industry Overview

4.1 The Gambian Insurance Industry

5 Life Insurance

6 Non-Life Insurance

7 Personal Accident and Health Insurance

7.1 Health insurance

8 Reinsurance

9 Distribution Channel Outlook

10 Natural Hazards

10.1 Floods

10.2 Droughts

10.3 Storms

10.4 Exposure

11 Competitive Landscape

11.1 Overview

11.2 Insurance Companies

11.2.1 Gambia National Insurance Company Ltd – company overview

11.2.2 Takaful Gambia Ltd – company overview

11.2.3 Sunshine Company Ltd – company overview

11.2.4 Global Security Insurance Company Ltd – company overview

11.2.5 Prime Insurance Company Ltd – company overview

11.2.6 New Vision Insurance Company Ltd – company overview

11.2.7 Royal Insurance Gambia Ltd – company overview

11.2.8 Great Alliance Insurance Company Ltd – company overview

11.2.9 IGiGamster Insurance Company Ltd – company overview

11.2.10 Enterprise Life Assurance Gambia Ltd – company overview

11.2.11 Capital Express Assurance (G) Ltd – company overview

12 Governance, Risk and Compliance

12.1 Legislation Overview and Historical Evolution

12.2 Latest Changes in Regulations

12.3 Legislation and Market Practice by Type of Insurance

12.3.1 Life insurance

12.3.2 Property insurance

12.3.3 Motor insurance

12.3.4 Liability insurance

12.3.5 Marine, aviation and transit insurance

12.3.6 Personal accident and health insurance

12.4 Compulsory Insurance

12.4.1 Motor third-party liability insurance

12.5 Supervision and Control

12.5.1 Central Bank of the Gambia

12.5.2 Insurance Association of the Gambia

12.6 Non-Admitted Insurance Regulations

12.6.1 Overview

12.6.2 Intermediaries

12.6.3 Market practices

12.6.4 Fines and penalties

12.7 Company Registration and Operations

12.7.1 Types of insurance organization

12.7.2 Establishing a local company

12.7.3 Foreign ownership

12.7.4 Types of license

12.7.5 Capital requirements

12.7.6 Solvency margins

12.7.7 Reserve requirements

12.7.8 Investment regulations

12.7.9 Statutory return requirements

12.7.10 Fee structure

12.8 Taxation

12.8.1 Insurance premium or policy taxation

12.8.2 Withholding taxes on premium paid overseas

12.8.3 Corporate tax

12.8.4 VAT

12.8.5 Captives

12.9 Legal System

12.9.1 Introduction

12.9.2 Access to court

12.9.3 Alternative dispute resolution (ADR)

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

Table 1: The Gambian Insurance Industry – Key Facts

Table 2: Gambian Insurance – Gross Written Premium by Segment (GMD Million), 2010–2014

Table 3: Gambian Insurance – Gross Written Premium by Segment (US$ Million), 2010–2014

Table 4: Gambian Insurance – Gross Written Premium by Segment (GMD Million), 2014–2019

Table 5: Gambian Insurance – Gross Written Premium by Segment (US$ Million), 2014–2019

Table 6: Gambian Insurance – Segmentation by Gross Written Premium (% Share), 2010–2019

Table 7: Gambian Insurance – Direct Written Premium by Segment (GMD Million), 2010–2014

Table 8: Gambian Insurance – Direct Written Premium by Segment (US$ Million), 2010–2014

Table 9: Gambian Insurance – Direct Written Premium by Segment (GMD Million), 2014–2019

Table 10: Gambian Insurance – Direct Written Premium by Segment (US$ Million), 2014–2019

Table 11: The Gambian Insurance Segmentation by Direct Written Premium (% Share), 2010–2019

Table 12: Gambian Life Insurance – Gross Written Premium (GMD Million), 2010–2014

Table 13: Gambian Life Insurance – Gross Written Premium (GMD Million), 2014–2019

Table 14: Gambian Life Insurance – Direct Written Premium (GMD Million), 2010–2014

Table 15: Gambian Life Insurance – Direct Written Premium (GMD Million), 2014–2019

Table 16: Gambian Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014

Table 17: Gambian Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019

Table 18: Gambian Life Insurance – Total Assets (GMD Million), 2010–2014

Table 19: Gambian Life Insurance – Total Assets (GMD Million), 2014–2019

Table 20: Gambian Life Insurance – Net Written Premium (GMD Million), 2010–2014

Table 21: Gambian Life Insurance – Net Written Premium (GMD Million), 2014–2019

Table 22: Gambian Non-Life Insurance – Gross Written Premium (GMD Million), 2010–2014

Table 23: Gambian Non-Life Insurance – Gross Written Premium (GMD Million), 2014–2019

Table 24: Gambian Non-Life Insurance – Direct Written Premium (GMD Million), 2010–2014

Table 25: Gambian Non-Life Insurance – Direct Written Premium (GMD Million), 2014–2019

Table 26: Gambian Non-Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014

Table 27: Gambian Non-Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019

Table 28: Gambian Non-Life Insurance – Total Assets (GMD Million), 2010–2014

Table 29: Gambian Non-Life Insurance – Total Assets (GMD Million), 2014–2019

Table 30: Gambian Non-Life Insurance – Net Written Premium (GMD Million), 2010–2014

Table 31: Gambian Non-Life Insurance – Net Written Premium (GMD Million), 2014–2019

Table 32: Gambian Personal Accident and Health Insurance – Gross Written Premium (GMD Million), 2010–2014

Table 33: Gambian Personal Accident and Health Insurance – Gross Written Premium (GMD Million), 2014–2019

Table 34: Gambian Personal Accident and Health Insurance – Direct Written Premium (GMD Million), 2010–2014

Table 35: Gambian Personal Accident and Health Insurance – Direct Written Premium (GMD Million), 2014–2019

Table 36: Gambian Personal Accident and Health Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014

Table 37: Gambian Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019

Table 38: Gambian Personal Accident and Health Insurance – Total Assets (GMD Million), 2010–2014

Table 39: Gambian Personal Accident and Health Insurance – Total Assets (GMD Million), 2014–2019

Table 40: Gambian Personal Accident and Health Insurance – Net Written Premium (GMD Million), 2010–2014

Table 41: Gambian Personal Accident and Health Insurance – Net Written Premium (GMD Million), 2014–2019

Table 42: Gambian Health Insurance – Gross Written Premium (GMD Million), 2010–2014

Table 43: Gambian Health Insurance – Gross Written Premium (GMD Million), 2014–2019

Table 44: Gambian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (GMD Million), 2010–2014

Table 45: Gambian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Thousand), 2010–2014

Table 46: Gambian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (GMD Million), 2014–2019

Table 47: Gambian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Thousand), 2014–2019

Table 48: Gambian Life Insurance – Share of Premium Ceded (Excluding Retrocession), 2010–2014

Table 49: Gambian Life Insurance – Share of Premium Ceded (Excluding Retrocession), 2014–2019

Table 50: Gambian Non-Life Insurance – Share of Premium Ceded (Excluding Retrocession), 2010–2014

Table 51: Gambian Non-Life Insurance – Share of Premium Ceded (Excluding Retrocession), 2014–2019

Table 52: Gambian Personal Accident and Health Insurance – Share of Premium Ceded (Excluding Retrocession), 2010–2014

Table 53: Gambian Personal Accident and Health Insurance – Share of Premium Ceded (Excluding Retrocession), 2014–2019

Table 54: List of Registered Brokers in the Gambia, 2015

Table 55: The Gambia Average Annual Loss by Hazard

Table 56: List of Insurance Companies in the Gambia, 2015

Table 57: Gambia National Insurance Company Ltd – Key Facts

Table 58: Takaful Gambia Ltd – Key Facts

Table 59: Sunshine Insurance Ltd – Key Facts

Table 60: Global Security Insurance Company Ltd – Key Facts

Table 61: Prime Insurance Company Ltd – Key Facts

Table 62: New Vision Insurance Company Ltd – Key Facts

Table 63: Royal Insurance Gambia Ltd – Key Facts

Table 64: Great Alliance Insurance Company Ltd – Key Facts

Table 65: IGiGamster Insurance Company Ltd – Key Facts

Table 66: Enterprise Life Assurance Gambia Ltd – Key Facts

Table 67: Enterprise Life Assurance Gambia Ltd – Key Facts

Table 68: The Gambia – Insurance Regulatory Framework Key Features

Table 69: The Gambia – Life Insurance Regulatory Framework

Table 70: The Gambia – Property Insurance Regulatory Framework

Table 71: The Gambia – Motor Insurance Regulatory Framework

Table 72: The Gambia – Liability Insurance Regulatory Framework

Table 73: The Gambia – Corporate Tax Rates for the Financial Year 2015

Table 74: Insurance Industry Definitions

Figures

Figure 1: The Gambia – Real GDP (GMD Billion), 2010–2019

Figure 2: The Gambia – Consumer Price Inflation, 2010–2019

Figure 3: The Gambia – GMD–US$ Exchange Rate, 2010–2019

Figure 4: The Gambia – Unemployment Rate, 2010–2014

Figure 5: The Gambia – Current Account Balance, 2010–2014

Figure 6: The Gambia – Population by Age Group, 1991–2025

Figure 7: Gambian Insurance – Gross Written Premium by Segment (GMD Million), 2010–2019

Figure 8: Gambian Insurance – Gross Written Premium Market Dynamics by Segment, 2010–2019

Figure 9: Gambian Insurance – Direct Written Premium by Segment (GMD Million), 2010–2019

Figure 10: The Gambian Insurance Direct Written Premium Market Dynamics by Segment, 2010–2019

Figure 11: Gambian Life Insurance – Gross Written Premium (GMD Million), 2010–2014

Figure 12: Gambian Life Insurance – Gross Written Premium (GMD Million), 2014–2019

Figure 13: Gambian Life Insurance – Direct Written Premium (GMD Million), 2010–2014

Figure 14: Gambian Life Insurance – Direct Written Premium (GMD Million), 2014–2019

Figure 15: Gambian Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014

Figure 16: Gambian Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019

Figure 17: Gambian Life Insurance – Total Assets (GMD Million), 2010–2014

Figure 18: Gambian Life Insurance – Total Assets (GMD Million), 2014–2019

Figure 19: Gambian Life Insurance – Net Written Premium (GMD Million), 2010–2014

Figure 20: Gambian Life Insurance – Net Written Premium (GMD Million), 2014–2019

Figure 21: Gambian Life Insurance – Insurance Penetration (%), 2010–2014

Figure 22: Gambian Life Insurance – Insurance Density (Direct Premium per Capita) (GMD), 2010–2014

Figure 23: Gambian Non-Life Insurance – Gross Written Premium (GMD Million), 2010–2014

Figure 24: Gambian Non-Life Insurance – Gross Written Premium (GMD Million), 2014–2019

Figure 25: Gambian Non-Life Insurance – Direct Written Premium (GMD Million), 2010–2014

Figure 26 Non-Life Insurance – Direct Written Premium (GMD Million), 2014–2019

Figure 27: Gambian Non-Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014

Figure 28: Gambian Non-Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019

Figure 29: Gambian Non-Life Insurance – Total Assets (GMD Million), 2010–2014

Figure 30: Gambian Non-Life Insurance – Total Assets (GMD Million), 2014–2019

Figure 31: Gambian Non-Life Insurance – Net Written Premium (GMD Million), 2010–2014

Figure 32: Gambian Non-Life Insurance – Net Written Premium (GMD Million), 2014–2019

Figure 33: Gambian Non-Life Insurance – Penetration (%), 2010–2014

Figure 34: Gambian Non-Life Insurance – Direct Premium per Capita (GMD), 2010–2014

Figure 35: Gambian Personal Accident and Health Insurance – Gross Written Premium (GMD Million), 2010–2014

Figure 36: Gambian Personal Accident and Health Insurance – Gross Written Premium (GMD Million), 2014–2019

Figure 37: Gambian Personal Accident and Health Insurance – Direct Written Premium (GMD Million), 2010–2014

Figure 38: Gambian Personal Accident and Health Insurance – Direct Written Premium (GMD Million), 2014–2019

Figure 39: Gambian Personal Accident and Health Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014

Figure 40: Gambian Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019

Figure 41: Gambian Personal Accident and Health Insurance – Total Assets (GMD Million), 2010–2014

Figure 42: Gambian Personal Accident and Health Insurance – Total Assets (GMD Million), 2014–2019

Figure 43: Gambian Personal Accident and Health Insurance – Net Written Premium (GMD Million), 2010–2014

Figure 44: Gambian Personal Accident and Health Insurance – Net Written Premium (GMD Million), 2014–2019

Figure 45: Gambian Personal Accident and Health Insurance – Penetration (%), 2010–2014

Figure 46: Gambian Personal Accident and Health Insurance – Direct Premium per Capita (GMD), 2010–2014

Figure 47: Gambian Health Insurance – Gross Written Premium (GMD Million), 2010–2014

Figure 48: Gambian Health Insurance – Gross Written Premium (GMD Million), 2014–2019

Figure 49: Gambian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (GMD Million), 2010–2019

Figure 50: Gambian Reinsurance – Dynamics by Insurance Segment, 2010–2019

Figure 51: Gambian Life Insurance – Share of Premium Ceded (Excluding Retrocession), 2010–2014

Figure 52: Gambian Life Insurance – Share of Premium Ceded (Excluding Retrocession), 2014–2019

Figure 53: Gambian Non-Life Insurance – Share of Premium Ceded (Excluding Retrocession), 2010–2014

Figure 54: Gambian Non-Life Insurance – Share of Premium Ceded (Excluding Retrocession), 2014–2019

Figure 55: Gambian Personal Accident and Health Insurance – Share of Premium Ceded (Excluding Retrocession), 2010–2014

Figure 56: Gambian Personal Accident and Health Insurance – Share of Reinsurance Ceded (%), 2014–2019

Figure 57: The Gambia Frequency of Hazards by Type, 1990–2014

Figure 58: The Gambia Mortality of Hazards by Type, 1990–2014

Figure 59: Contribution of Natural Hazards to Average Annual Loss, 1990–2014

Figure 60: The Gambia – Insurance Regulatory Frameworks for Company Registration and Operation

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