Gabonese insurance market: turnover increase in H1 2021

According to the data published by the Gabonese federation of insurance companies (FEGASA), the market has posted a 3.58% increase in its turnover in the first half of 2021. The recorded premiums have gone from 62.011 billion FCFA (106.33 million USD) in H1 2020 to 64.23 billion FCFA (116.56 million FCFA) at the end of June 2021.

With 81.06% of the market share, non-life premiums have fallen by 0.25% to 52.068 billion FCFA (94.49 million USD). Life underwritings, which at the end of June 2021 account for 18.94% of the total premiums written in Gabon during the first six months of 2021, have reached an amount of 12.162 billion FCFA (22.07 million USD), representing a 23.96% growth over one year.

The ranking by company puts Assinco in the lead with a turnover of 13.964 billion FCFA (25.34 million USD) as at 30 June 2021. The second and third positions are held by Sanlam Assurance IARD Gabon and OGAR Assurance with respectively 10.916 billion FCFA (19.81 million USD) and 9.718 billion FCFA (17.64 million USD) of written premiums during the period under review.

Still according to FEGASA, the turnover generated by insurance intermediaries amounts to 41.062 billion FCFA (74.52 million USD), that is, 63.93% of the market's total premiums. With a turnover of 23.168 billion FCFA (42.04 million USD), the insurance companies' direct offices control no more than 36.07% of the market.