Non-Life Segment Dominates Gambia Insurance Industry, According to Timetric Report Recently Published at MarketPublishers.com13 Jun 2016 • by Natalie Aster
LONDON – Though being small, the Gambia’s insurance industry remains attractive for overseas investors, providing them abundant growth opportunities on the back of low penetration.
The non-life segment takes the lead, capturing the largest share (61.6%) of the gross written premium (GWP) as of 2013. The segment’s contribution to GDP stood at 0.37%, whilst the life insurance segment’s was just 0.15%.
The country’s economy is reliant on financial aid and technical assistance from bilateral and multilateral contributors, and also on how the government is managing the economy. Tourism, agriculture, and remittances from overseas each broadly account for close to 20% of the Gambia’s GDP.
Insurance firms introduced the concept of ‘no premium, no cover’ (NPNC) in February 2016, necessitating advance premium collection before coverage begins. The implementation of the provision, which is part of the Insurance Act 2003, did not take place till 2016.
In February 2015, the Insurance Association of the Gambia (IAG) re-endorsed a sensitisation programme for local population to offer comprehensive industry training to executives and employees, in cooperation with the West African Insurance (WAII). The programme’s aim was to raise awareness on the benefits of insurance and enhance employee competencies.
In-demand research report “The Insurance Industry in the Gambia, Key Trends and Opportunities to 2019” drawn up by Timetric provides in-depth market analysis, information and insights into the national insurance sector. The study explores the growth prospects of the industry segment- and category-wise; inspects the country’s economy and demographic characteristics; investigates the competitive landscape and profiles the leading insurers in the country alongside outlining the main regulations that affect them. The report canvasses the various distribution channels in the Gambia, regulatory policy, and gives an insightful analysis of natural hazards the country.
Historical figures are provided for the period 2010–2014 and forecasts are offered to 2019.
More studies by our market research partner are available at Timetric page.