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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Cape Verdean non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Cape Verde's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Cape Verdean non-life (P&C) market as well as trends by line of business. Axco analysts also report on Cape Verde's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Cape Verde's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Cape Verde, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Cape Verde, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Cape Verde with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
The economy of Cape Verde is vulnerable to the effects of droughts and little arable land although it has become more politically stable in recent years and prior to COVID-19 was experiencing a boom in tourism with a strong component of all-inclusive resorts many with casinos. The insurance market is small and stable with only two insurers; Garantia and IMPAR.
With the onset of the COVID-19 pandemic in 2020 a state of emergency was declared ...
This is a brief extract of information; more updated information may be available in the latest published report