Country Dashboards

Population
14 mn
2021
GDP (USD)
US$18 bn
2021
gdp/capita
US$1,230
2021
Inflation rate
12.6%
2021

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 2 mn
Non-life premium volume (USD) 13 mn
Total premium volume 15 mn
Total premium volume (GNF) 79 bn
Insurance penetration: Premiums in % of GDP 0.22%
Insurance density: Premium / capita USD 1.38
Local currency GNF
Market Composition
Domestic life insurers 2
Domestic non-life insurers 10
Domestic composite insurers 0
Foreign life insurers 0
Foreign non-life insurers 0
Foreign composite insurers 0
Domestic reinsurers 0
Foreign reinsurers 0
State-owned insurers 0
State-owned reinsurers 0
Insurance intermediaries 0
Reinsurance intermediaries 0
Insurance Regulatory Authority
Institution
Banque Centrale de la République de Guinée Rue KA 015, 12 Bd. Du Commerce, CONAKRY

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 0
Minimum paid-up share capital 0
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, Cargo Import.
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes
The Africa Re office that supports this location is: