2014-03-05 14:04:02 - The Insurance Industry in Gabon, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
Gabon has a small insurance industry, encompassing a population of 1.5 million people. Despite its size, the industry is highly competitive and largely fragmented. This is due to the presence of eight insurance companies. The industry is highly dependent on economic activity and oil. The overreliance on oil is likely to pose medium-risk challenge for the growth of insurance products over the forecast period. Declining oil production rates are a key challenge for the growth of the Gabonese economy. Consequently, the growth of the insurance industry decelerated in 2011 and 2012 respectively, a trend which is projected to continue until 2014.
â¢ Economic activity in 2011â2012 was encouraged by public investments in construction, road and stadium improvements as a part
of the preparation for the 2012 Africa Cup of Nations, which was co-hosted by Gabon and Equatorial Guinea
â¢ Foreign direct investment (FDI) is permitted; however, the industry primarily features regional insurance firms, rather than leading global insurers
â¢ Insurance companies in Gabon show a reluctance to reimburse claims within the stipulated time period of three months specified by the ConfÃ©rence Internationale des MarchÃ©s dAssurances (CIMA) code
â¢ Due to changing market demands, the Gabonese insurance industry is introducing new insurance products to enhance its customer base
â¢ The reason behind this seeming inability to pay out claims is largely attributed to arrears in premium collection
â¢ The Gabonese government created the Gabonese Reinsurance Commercial Society â La SociÃ©tÃ© Commerciale Gabonaise de RÃ©assurance â (SCG-RE) in 2011 to develop the domestic reinsurance industry
This report provides a comprehensive analysis of the insurance industry in Gabon:
â¢ It provides historical values for the Gabonese insurance industry for the reports 2008â2012 review period and forecast figures for the 2012â2017 forecast period
â¢ It offers a detailed analysis of the key segments and categories in the Gabonese insurance industry, along with industry forecasts until 2017
â¢ It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
â¢ It profiles the top insurance companies in Gabon and outlines the key regulations affecting them
Reasons to Buy
â¢ Make strategic business decisions using in depth historic and forecast industry data related to the Gabonese insurance industry and each segment within it
â¢ Assess the competitive dynamics in the Gabonese insurance industry
â¢ Understand the demand-side dynamics, key market trends and growth opportunities within the Gabonese insurance industry
â¢ Identify the growth opportunities and market dynamics within key segments
â¢ Gain insights into key regulations governing the Gabonese insurance industry and its impact on companies and the industrys future
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