Country Dashboards

Population
2 mn
2021
GDP (USD)
US$19 bn
2021
gdp/capita
US$8,975
2021
Inflation rate
1.1%
2021

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 25 mn
Non-life premium volume (USD) 142 mn
Total premium volume 167 mn
Total premium volume (XAF) 83 bn
Insurance penetration: Premiums in % of GDP 1.16%
Insurance density: Premium / capita USD 104
Local currency XAF
Market Composition
Domestic life insurers 1
Domestic non-life insurers 2
Domestic composite insurers 0
Foreign life insurers 3
Foreign non-life insurers 4
Foreign composite insurers 0
Domestic reinsurers 1
Foreign reinsurers 0
State-owned insurers 0
State-owned reinsurers 1
Insurance intermediaries 0
Reinsurance intermediaries 0
Insurance Regulatory Authority
Institution
Commission Régionale de Contrôle des Assurances (CRCA), BP 2750 Libreville, Gabon

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates No
Cross-border insurance allowed Yes
Licensing
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions No
Minimum capital requirement 5000000000
Minimum paid-up share capital 3000000000
Requirement for independent audits Yes
Requirement to appoint actuaries No
Premium rate approval needed No
On-Going Supervision
Solvency referred to as the difference between assets and liabilities No
RBC (Risk-based capital) principles applied No
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines Motor TPL
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes
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