Insurance
From The Report: Gabon 2013
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As with many of Africa’s emerging markets, a number of challenges face Gabon’s insurance sector, including low insurance awareness, a small domestic client base and declining oil production. And yet the Gabonese market remains one of the largest in the sub-region, and it is set to expand in the coming years as the demand for personal insurance lines increases. Despite its modest size, the local insurance sector is highly competitive, with eight companies vying for market share. Rising industrial and construction activity, coupled with the expansion of the market through newer lines such as life and health coverage, have supported growth in recent years. Government efforts to expand industrial activity across a number of different sectors, including timber processing and mining, stand to increase demand for related lines of insurance in the medium term.

Articles from this Chapter

Overview

Strengthening confidence: New regulations are creating opportunities in life, health and microinsurance coverage
OBG
plus

As with many of Africa’s emerging markets, a number of challenges face Gabon’s insurance sector, including low insurance awareness, a small domestic client base and declining oil production. And yet, the Gabonese market remains one of the largest in the sub-region, and it is set to expand in the coming years as the demand for personal insurance lines increases. The insurance industry was recently transformed by new regulations introduced in 2011, which changed premium payment deadlines and…

Analysis

Getting personal: Personal insurance lines offer growth potential
OBG
plus

Economic growth, paired with proactive marketing efforts by insurers, has helped to expand the market for personal insurance lines. Although the domestic market is limited to a population of 1.5m, Gabon has a higher per capita income than most other countries in the sub-region, suggesting market depth. The development of the insurance sector has largely been driven by collective insurance schemes, but operators are beginning to widen their focus to personal lines in order to diversify revenue…