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Gabon

Life Report

Product Insurance Market Reports Life Rev Gabon

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Gabon's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Gabon's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Gabon

The Gabon life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Gabon.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Gabon and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Gabon’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Gabon is available.

Axco’s report describes the regulatory framework that applies to Gabon's domestic life insurance sector, including whether non-admitted insurance is permitted in Gabon; as well as the legislation necessary to know regarding Gabon’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Gabon with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Gabon market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Gabon, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Gabon pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Gabon report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Gabon Life and Benefits Report Extract

Below are brief extracts of information from the Gabon Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Gabon has relatively high per capita life insurance spend compared with other leading markets in the Inter-African Conference on Insurance Markets (CIMA) region.

Death risk business is the largest segment within the overall long-term market (behind savings which are generally used for pensions), increasing by 10.1% in 2020 and accounting for 32.06% of long-term business ....

Pensions

A little over 66% of long-term premium was spent on savings policies in 2020 whilst total savings premium increased by 4.78% over 2019.

Much of this business is savings for retirement, made up of savings earmarked for workers when they retire as a form of "pension" and "departure bonus" business. These departure bonuses or "indemnite de service rendu" (ISR) or "indemnite de fin de carriere" (IFC), are based on a percentage of final salary together with an element that is negotiated between ....

Healthcare

The market for healthcare insurance continued to be the second largest non-life class in 2020 generating just over 25% of total premium at XAF 20.98bn (USD 37.22mn). Growth was modest at 1.46% for healthcare (excluding PA) probably reflecting the economic pressure businesses have been under in recent years exacerbated by the COVID-19 pandemic. Businesses are the largest purchasers of healthcare insurance with fewer new businesses being formed who will go on to buy new policies, whilst others have been cutting back on their insurance buying or pushing for ....

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