Gabon - Insurance - The life insurance sector

Despite the pandemic, at the end of September 2021, the life insurance sector in Gabon was in good health with a turnover up by 20% compared to the same period in 2020, according to figures from the Gabonese Federation of Insurance Companies (Fegasa).

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The overall turnover of life insurance is 17.5 billion FCFA at the end of the first nine months of 2021 compared to 14.6 billion FCFA year-on-year.

The strongest growth was recorded by Sanlam Assurance vie Gabon, which, during the period under review, posted an increase of more than 77% in its turnover, from 452.5 to 801.9 million FCFA. This was followed by Ogar vie, which recorded an increase of more than 30% from 6.6 to 8.6 billion FCFA; then Nsia Vie, which saw an increase of 13.5% from 1.4 to 1.6 billion FCFA, and Sunu assurance vie, which increased by 5.8% from 6.2 to 6.5 billion FCFA.

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The improvement observed in the life insurance sector is a surprise given the current health situation. Despite the crisis, people have continued to save, as a large portion of life savings consists of policyholders' and insurance bank savings.

However, in the property and casualty insurance sector (fire, accidents and miscellaneous risks), turnover is down by 3.3%. It stood at 64.8 billion FCFA at the end of September 2021 compared to 67.1 billion FCFA year-on-year. Sunu Assurance IARD Gabon had the largest decline (-11.4%), followed by Assinco (-7.7%), Sanlam Assurance IARD (-4.9%). Only Ogar (0.4%) and AXA (+3%) recorded slight increases at the end of September 2021 compared to the same period in 2020. This decline was caused by the health crisis.

It should be noted that, according to data from the General Directorate of Economy and Fiscal Policy (DGEPF), the consolidated turnover at the end of December 2020 of the insurance sector increased by 4.7% compared to the end of December 2019, thus rising from 85.73 billion FCFA to 89.74 billion FCFA. This increase is linked to the good performance recorded in the non-Life branches.