Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Cape Verde Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Cape Verde includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
Cape Verde consists of 10 islands and five islets in the Atlantic Ocean some 455 km (280 miles) to the west of Senegal. The islands are of volcanic origin, and the volcano Pico de Fogo, on the island of Fogo, is still active.
The insurance market is small and the regulatory environment is stable. It is recognised that it requires improvement with indications given periodically that change is planned although in recent years there has been little such development. There are only two insurers and though brokers, agents and employee-agents are all recognised by law, and some bancassurance is seen, a large majority of both life and non-life business is placed directly with the insurers.