(Agence Ecofin) – The insurance sector in Gabon continues to grow, although the penetration rate currently remains below 2%, according to official data.
At the end of the third quarter of 2024, the Gabonese insurance market continued its positive momentum started in the previous quarter. According to the economic report from the Gabonese Ministry of the Economy, the sector’s turnover recorded an increase of 41.2% quarter-on-quarter.
Supported by good developments in the two branches (life and non-life), whose subscriptions are up sharply, according to the same source, this increase however remains moderate compared to the 84.8% observed in the second quarter of 2024. The Gabonese ministry of the Economy does not specify the corresponding amounts.
In detail, the non-life branch posted an increase of 38.2% in turnover quarter-on-quarter, driven by the transport (+27%), health (+2.4%), general liability segments. (+7%) and miscellaneous risks (+6.7%). The life branch grew by 51.4%, mainly due to the increase in subscriptions to the death product, which grew by 51%.
In the same dynamic, the amount of claims settled by all insurance companies operating in Gabon increased by 67.9%, after a decrease of 24.2% in the previous quarter. This increase is attributed to a high loss ratio in the fire, general liability and health branches, according to the economic report.
Commissions paid to insurance intermediaries also followed this trend, recording an increase of 35.2% in the third quarter of 2024, after two consecutive quarters of decline.
SG
Edited by MF Vahid Codjia
Canada
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