Country Dashboards

2 mn
US$2 bn
Inflation rate

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 1,307
Non-life premium volume (USD) 7 mn
Total premium volume 7 mn
Total premium volume (GMD) 189 mn
Insurance penetration: Premiums in % of GDP 0.44%
Insurance density: Premium / capita USD 3.77
Local currency GMD
Market Composition
Domestic life insurers 3
Domestic non-life insurers 7
Domestic composite insurers 0
Foreign life insurers 0
Foreign non-life insurers 0
Foreign composite insurers 0
Domestic reinsurers 1
Foreign reinsurers 0
State-owned insurers 0
State-owned reinsurers 0
Insurance intermediaries 11
Reinsurance intermediaries 1
Insurance Regulatory Authority
1-2 Ecowas Avenue (Buckle Street) Banjul, The Gambia

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates Yes
Cross-border insurance allowed Yes
Bancassurance is allowed Yes
Allowed ownership structures Translation missing: en.country_dashboard.allowed_ownership_structures_values.yes
Foreign ownership restrictions No
Minimum capital requirement GMD 15mn - GMD 200mn
Minimum paid-up share capital 0
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed No
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
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
The Africa Re office that supports this location is: