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Gabon

Gabon

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

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 Gabon 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 Gabon includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Gabon can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Market Profiles Insight Compliance Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT+1
Libreville
XAF
1.95 mn
18,793.37 mn
2.40%
22,071.11
1.07

Gabon's name is thought to be derived from the Portuguese word "gabao", the name of a coat with a sleeve and a hood, which supposedly resembles the shape of the estuary of the Komo River. Its economy is based on the extraction and production of primary resources such as hydrocarbons, palm oil, timber products, gold and manganese.

The insurance industry in Gabon is governed in the first instance by the CIMA Code, The non-life market has traditionally been strongly influenced by the development of the petroleum sector. Per capita insurance spending is high relative to other markets in the region because it is artificially skewed by the traditionally high insurance premiums from the petroleum sector set against a comparatively small Gabonese population. Efforts by the local insurance supervisor to re-energise the market have been interrupted by a change of personnel.

The life sector continues to suffer from the difficult economic situation in the country .Individual death risk insurance remains under-penetrated and its growth has fluctuated as a result of the economic slowdown. Group business on the other hand has shown growth in recent years.

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