Country Dashboards

17 mn
US$28 bn
Inflation rate

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 40 mn
Non-life premium volume (USD) 135 mn
Total premium volume 175 mn
Total premium volume (XOF) 87 bn
Insurance penetration: Premiums in % of GDP 1.09%
Insurance density: Premium / capita USD 13.8
Local currency XOF
Market Composition
Domestic life insurers 7
Domestic non-life insurers 18
Domestic composite insurers 0
Foreign life insurers 1
Foreign non-life insurers 2
Foreign composite insurers 0
Domestic reinsurers 1
Foreign reinsurers 1
State-owned insurers 1
State-owned reinsurers 1
Insurance intermediaries 0
Reinsurance intermediaries 0
Insurance Regulatory Authority
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 Yes
Cross-border insurance allowed No
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, Marine Cargo, CAR
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes
The Africa Re office that supports this location is: