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 Equatorial Guinea 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 Equatorial Guinea 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 (%)
Equatorial Guinea includes the islands of Bioko, Annobon and Corisco, as well as the Rio Muni enclave on the African mainland. Since the 1990s the Equatoguinean economy has been dominated by oil and gas exports. The insurance market in Equatorial Guinea is small, underdeveloped and skewed towards the oil sector risks and a few wealthy individuals. There was no life business reported.
Social security in Equatorial Guinea provides sickness and medical benefits, although these are limited, together with old age pensions, survivor benefits and workers' compensation.
The insurance industry is governed in the first instance by the Code des Assurances, known as the CIMA Code, the regional insurance law imposed by the Conference Interafricaine des Marches d'Assurances (CIMA).