The Insurance Industry in the Gambia, Key Trends and Opportunities to 2019

Date: May 31, 2016
Pages: 104
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US$ 1,450.00
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Publisher: Timetric
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: I7F5251ADBAEN
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The Insurance Industry in the Gambia, Key Trends and Opportunities to 2019
SYNOPSIS

Timetric’s 'The Insurance Industry in the Gambia, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Gambian insurance industry.

It provides key performance indicators such as written premium and total assets during the review period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Gambian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

SUMMARY

Timetric’s 'The Insurance Industry in the Gambia, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Gambian insurance industry, including:
  • The Gambian insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Gambian economy and demographics
  • The detailed competitive landscape in the Gambian insurance industry
  • The various distribution channels in the Gambian insurance industry
  • Details of regulatory policy applicable to the Gambian insurance industry
  • Analysis of natural hazards in Gambia
SCOPE

This report provides a comprehensive analysis of the insurance industry in the Gambia:
  • It provides historical values for the Gambian insurance industry for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.
  • It offers a detailed analysis of the key segments in the Gambian insurance industry, with market forecasts to 2019.
  • It covers an exhaustive list of parameters, including written premium and total assets.
  • It analyzes the various distribution channels in the Gambia.
  • It profiles the top insurance companies in the Gambia and outlines the key regulations affecting them.
REASONS TO BUY
  • Make strategic business decisions using in-depth historic and forecast market data related to the Gambian insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Gambian insurance industry.
  • Assess the competitive dynamics in the Gambian insurance industry.
  • Identify growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Gambian insurance industry and their impact on companies and the industry's future.
KEY HIGHLIGHTS
  • The Gambian economy is dependent on financial assistance and technical aid from multilateral and bilateral contributors, as well as, on the government’s economic management. Agriculture, tourism and remittances from abroad each broadly constitute about 20.0% of the country’s GDP.
  • Insurance companies introduced the No Premium, No Cover concept in February 2016, requiring insurers to collect premiums in advance before providing cover. The provision is part of the Insurance Act 2003, but was not implemented by insurers until 2016.
  • In February 2015, the Insurance Association of Gambia (IAG), an association of insurers, relaunched a local population sensitization program to provide comprehensive industry training to employees and executives, in partnership with the West African Insurance Institute. The program aimed to promote insurance knowledge and employee competency.
1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 THE GAMBIAN INSURANCE INDUSTRY OVERVIEW

4.1 The Gambian Insurance Industry

5 LIFE INSURANCE

6 NON-LIFE INSURANCE

7 PERSONAL ACCIDENT AND HEALTH INSURANCE

7.1 Health insurance

8 REINSURANCE

9 DISTRIBUTION CHANNEL OUTLOOK

10 NATURAL HAZARDS

10.1 Floods
10.2 Droughts
10.3 Storms
10.4 Exposure

11 COMPETITIVE LANDSCAPE

11.1 Overview
11.2 Insurance Companies
  11.2.1 Gambia National Insurance Company Ltd – company overview
  11.2.2 Takaful Gambia Ltd – company overview
  11.2.3 Sunshine Company Ltd – company overview
  11.2.4 Global Security Insurance Company Ltd – company overview
  11.2.5 Prime Insurance Company Ltd – company overview
  11.2.6 New Vision Insurance Company Ltd – company overview
  11.2.7 Royal Insurance Gambia Ltd – company overview
  11.2.8 Great Alliance Insurance Company Ltd – company overview
  11.2.9 IGiGamster Insurance Company Ltd – company overview
  11.2.10 Enterprise Life Assurance Gambia Ltd – company overview
  11.2.11 Capital Express Assurance (G) Ltd – company overview

12 GOVERNANCE, RISK AND COMPLIANCE

12.1 Legislation Overview and Historical Evolution
12.2 Latest Changes in Regulations
12.3 Legislation and Market Practice by Type of Insurance
  12.3.1 Life insurance
  12.3.2 Property insurance
  12.3.3 Motor insurance
  12.3.4 Liability insurance
  12.3.5 Marine, aviation and transit insurance
  12.3.6 Personal accident and health insurance
12.4 Compulsory Insurance
  12.4.1 Motor third-party liability insurance
12.5 Supervision and Control
  12.5.1 Central Bank of the Gambia
  12.5.2 Insurance Association of the Gambia
12.6 Non-Admitted Insurance Regulations
  12.6.1 Overview
  12.6.2 Intermediaries
  12.6.3 Market practices
  12.6.4 Fines and penalties
12.7 Company Registration and Operations
  12.7.1 Types of insurance organization
  12.7.2 Establishing a local company
  12.7.3 Foreign ownership
  12.7.4 Types of license
  12.7.5 Capital requirements
  12.7.6 Solvency margins
  12.7.7 Reserve requirements
  12.7.8 Investment regulations
  12.7.9 Statutory return requirements
  12.7.10 Fee structure
12.8 Taxation
  12.8.1 Insurance premium or policy taxation
  12.8.2 Withholding taxes on premium paid overseas
  12.8.3 Corporate tax
  12.8.4 VAT
  12.8.5 Captives
12.9 Legal System
  12.9.1 Introduction
  12.9.2 Access to court
  12.9.3 Alternative dispute resolution (ADR)

13 DEFINITIONS AND METHODOLOGY

13.1 Definitions
13.2 Methodology

14 ABOUT TIMETRIC

14.1 Contact Timetric
14.2 About Timetric
14.3 Timetric’s Services
14.4 Disclaimer

LIST OF TABLES

Table 1: The Gambian Insurance Industry – Key Facts
Table 2: Gambian Insurance – Gross Written Premium by Segment (GMD Million), 2010–2014
Table 3: Gambian Insurance – Gross Written Premium by Segment (US$ Million), 2010–2014
Table 4: Gambian Insurance – Gross Written Premium by Segment (GMD Million), 2014–2019
Table 5: Gambian Insurance – Gross Written Premium by Segment (US$ Million), 2014–2019
Table 6: Gambian Insurance – Segmentation by Gross Written Premium (% Share), 2010–2019
Table 7: Gambian Insurance – Direct Written Premium by Segment (GMD Million), 2010–2014
Table 8: Gambian Insurance – Direct Written Premium by Segment (US$ Million), 2010–2014
Table 9: Gambian Insurance – Direct Written Premium by Segment (GMD Million), 2014–2019
Table 10: Gambian Insurance – Direct Written Premium by Segment (US$ Million), 2014–2019
Table 11: The Gambian Insurance Segmentation by Direct Written Premium (% Share), 2010–2019
Table 12: Gambian Life Insurance – Gross Written Premium (GMD Million), 2010–2014
Table 13: Gambian Life Insurance – Gross Written Premium (GMD Million), 2014–2019
Table 14: Gambian Life Insurance – Direct Written Premium (GMD Million), 2010–2014
Table 15: Gambian Life Insurance – Direct Written Premium (GMD Million), 2014–2019
Table 16: Gambian Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014
Table 17: Gambian Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019
Table 18: Gambian Life Insurance – Total Assets (GMD Million), 2010–2014
Table 19: Gambian Life Insurance – Total Assets (GMD Million), 2014–2019
Table 20: Gambian Life Insurance – Net Written Premium (GMD Million), 2010–2014
Table 21: Gambian Life Insurance – Net Written Premium (GMD Million), 2014–2019
Table 22: Gambian Non-Life Insurance – Gross Written Premium (GMD Million), 2010–2014
Table 23: Gambian Non-Life Insurance – Gross Written Premium (GMD Million), 2014–2019
Table 24: Gambian Non-Life Insurance – Direct Written Premium (GMD Million), 2010–2014
Table 25: Gambian Non-Life Insurance – Direct Written Premium (GMD Million), 2014–2019
Table 26: Gambian Non-Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014
Table 27: Gambian Non-Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019
Table 28: Gambian Non-Life Insurance – Total Assets (GMD Million), 2010–2014
Table 29: Gambian Non-Life Insurance – Total Assets (GMD Million), 2014–2019
Table 30: Gambian Non-Life Insurance – Net Written Premium (GMD Million), 2010–2014
Table 31: Gambian Non-Life Insurance – Net Written Premium (GMD Million), 2014–2019
Table 32: Gambian Personal Accident and Health Insurance – Gross Written Premium (GMD Million), 2010–2014
Table 33: Gambian Personal Accident and Health Insurance – Gross Written Premium (GMD Million), 2014–2019
Table 34: Gambian Personal Accident and Health Insurance – Direct Written Premium (GMD Million), 2010–2014
Table 35: Gambian Personal Accident and Health Insurance – Direct Written Premium (GMD Million), 2014–2019
Table 36: Gambian Personal Accident and Health Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014
Table 37: Gambian Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019
Table 38: Gambian Personal Accident and Health Insurance – Total Assets (GMD Million), 2010–2014
Table 39: Gambian Personal Accident and Health Insurance – Total Assets (GMD Million), 2014–2019
Table 40: Gambian Personal Accident and Health Insurance – Net Written Premium (GMD Million), 2010–2014
Table 41: Gambian Personal Accident and Health Insurance – Net Written Premium (GMD Million), 2014–2019
Table 42: Gambian Health Insurance – Gross Written Premium (GMD Million), 2010–2014
Table 43: Gambian Health Insurance – Gross Written Premium (GMD Million), 2014–2019
Table 44: Gambian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (GMD Million), 2010–2014
Table 45: Gambian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Thousand), 2010–2014
Table 46: Gambian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (GMD Million), 2014–2019
Table 47: Gambian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Thousand), 2014–2019
Table 48: Gambian Life Insurance – Share of Premium Ceded (Excluding Retrocession), 2010–2014
Table 49: Gambian Life Insurance – Share of Premium Ceded (Excluding Retrocession), 2014–2019
Table 50: Gambian Non-Life Insurance – Share of Premium Ceded (Excluding Retrocession), 2010–2014
Table 51: Gambian Non-Life Insurance – Share of Premium Ceded (Excluding Retrocession), 2014–2019
Table 52: Gambian Personal Accident and Health Insurance – Share of Premium Ceded (Excluding Retrocession), 2010–2014
Table 53: Gambian Personal Accident and Health Insurance – Share of Premium Ceded (Excluding Retrocession), 2014–2019
Table 54: List of Registered Brokers in the Gambia, 2015
Table 55: The Gambia Average Annual Loss by Hazard
Table 56: List of Insurance Companies in the Gambia, 2015
Table 57: Gambia National Insurance Company Ltd – Key Facts
Table 58: Takaful Gambia Ltd – Key Facts
Table 59: Sunshine Insurance Ltd – Key Facts
Table 60: Global Security Insurance Company Ltd – Key Facts
Table 61: Prime Insurance Company Ltd – Key Facts
Table 62: New Vision Insurance Company Ltd – Key Facts
Table 63: Royal Insurance Gambia Ltd – Key Facts
Table 64: Great Alliance Insurance Company Ltd – Key Facts
Table 65: IGiGamster Insurance Company Ltd – Key Facts
Table 66: Enterprise Life Assurance Gambia Ltd – Key Facts
Table 67: Enterprise Life Assurance Gambia Ltd – Key Facts
Table 68: The Gambia – Insurance Regulatory Framework Key Features
Table 69: The Gambia – Life Insurance Regulatory Framework
Table 70: The Gambia – Property Insurance Regulatory Framework
Table 71: The Gambia – Motor Insurance Regulatory Framework
Table 72: The Gambia – Liability Insurance Regulatory Framework
Table 73: The Gambia – Corporate Tax Rates for the Financial Year 2015
Table 74: Insurance Industry Definitions

LIST OF FIGURES

Figure 1: The Gambia – Real GDP (GMD Billion), 2010–2019
Figure 2: The Gambia – Consumer Price Inflation, 2010–2019
Figure 3: The Gambia – GMD–US$ Exchange Rate, 2010–2019
Figure 4: The Gambia – Unemployment Rate, 2010–2014
Figure 5: The Gambia – Current Account Balance, 2010–2014
Figure 6: The Gambia – Population by Age Group, 1991–2025
Figure 7: Gambian Insurance – Gross Written Premium by Segment (GMD Million), 2010–2019
Figure 8: Gambian Insurance – Gross Written Premium Market Dynamics by Segment, 2010–2019
Figure 9: Gambian Insurance – Direct Written Premium by Segment (GMD Million), 2010–2019
Figure 10: The Gambian Insurance Direct Written Premium Market Dynamics by Segment, 2010–2019
Figure 11: Gambian Life Insurance – Gross Written Premium (GMD Million), 2010–2014
Figure 12: Gambian Life Insurance – Gross Written Premium (GMD Million), 2014–2019
Figure 13: Gambian Life Insurance – Direct Written Premium (GMD Million), 2010–2014
Figure 14: Gambian Life Insurance – Direct Written Premium (GMD Million), 2014–2019
Figure 15: Gambian Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014
Figure 16: Gambian Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019
Figure 17: Gambian Life Insurance – Total Assets (GMD Million), 2010–2014
Figure 18: Gambian Life Insurance – Total Assets (GMD Million), 2014–2019
Figure 19: Gambian Life Insurance – Net Written Premium (GMD Million), 2010–2014
Figure 20: Gambian Life Insurance – Net Written Premium (GMD Million), 2014–2019
Figure 21: Gambian Life Insurance – Insurance Penetration (%), 2010–2014
Figure 22: Gambian Life Insurance – Insurance Density (Direct Premium per Capita) (GMD), 2010–2014
Figure 23: Gambian Non-Life Insurance – Gross Written Premium (GMD Million), 2010–2014
Figure 24: Gambian Non-Life Insurance – Gross Written Premium (GMD Million), 2014–2019
Figure 25: Gambian Non-Life Insurance – Direct Written Premium (GMD Million), 2010–2014
Figure 26 Non-Life Insurance – Direct Written Premium (GMD Million), 2014–2019
Figure 27: Gambian Non-Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014
Figure 28: Gambian Non-Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019
Figure 29: Gambian Non-Life Insurance – Total Assets (GMD Million), 2010–2014
Figure 30: Gambian Non-Life Insurance – Total Assets (GMD Million), 2014–2019
Figure 31: Gambian Non-Life Insurance – Net Written Premium (GMD Million), 2010–2014
Figure 32: Gambian Non-Life Insurance – Net Written Premium (GMD Million), 2014–2019
Figure 33: Gambian Non-Life Insurance – Penetration (%), 2010–2014
Figure 34: Gambian Non-Life Insurance – Direct Premium per Capita (GMD), 2010–2014
Figure 35: Gambian Personal Accident and Health Insurance – Gross Written Premium (GMD Million), 2010–2014
Figure 36: Gambian Personal Accident and Health Insurance – Gross Written Premium (GMD Million), 2014–2019
Figure 37: Gambian Personal Accident and Health Insurance – Direct Written Premium (GMD Million), 2010–2014
Figure 38: Gambian Personal Accident and Health Insurance – Direct Written Premium (GMD Million), 2014–2019
Figure 39: Gambian Personal Accident and Health Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014
Figure 40: Gambian Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019
Figure 41: Gambian Personal Accident and Health Insurance – Total Assets (GMD Million), 2010–2014
Figure 42: Gambian Personal Accident and Health Insurance – Total Assets (GMD Million), 2014–2019
Figure 43: Gambian Personal Accident and Health Insurance – Net Written Premium (GMD Million), 2010–2014
Figure 44: Gambian Personal Accident and Health Insurance – Net Written Premium (GMD Million), 2014–2019
Figure 45: Gambian Personal Accident and Health Insurance – Penetration (%), 2010–2014
Figure 46: Gambian Personal Accident and Health Insurance – Direct Premium per Capita (GMD), 2010–2014
Figure 47: Gambian Health Insurance – Gross Written Premium (GMD Million), 2010–2014
Figure 48: Gambian Health Insurance – Gross Written Premium (GMD Million), 2014–2019
Figure 49: Gambian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (GMD Million), 2010–2019
Figure 50: Gambian Reinsurance – Dynamics by Insurance Segment, 2010–2019
Figure 51: Gambian Life Insurance – Share of Premium Ceded (Excluding Retrocession), 2010–2014
Figure 52: Gambian Life Insurance – Share of Premium Ceded (Excluding Retrocession), 2014–2019
Figure 53: Gambian Non-Life Insurance – Share of Premium Ceded (Excluding Retrocession), 2010–2014
Figure 54: Gambian Non-Life Insurance – Share of Premium Ceded (Excluding Retrocession), 2014–2019
Figure 55: Gambian Personal Accident and Health Insurance – Share of Premium Ceded (Excluding Retrocession), 2010–2014
Figure 56: Gambian Personal Accident and Health Insurance – Share of Reinsurance Ceded (%), 2014–2019
Figure 57: The Gambia Frequency of Hazards by Type, 1990–2014
Figure 58: The Gambia Mortality of Hazards by Type, 1990–2014
Figure 59: Contribution of Natural Hazards to Average Annual Loss, 1990–2014
Figure 60: The Gambia – Insurance Regulatory Frameworks for Company Registration and Operation

COMPANIES MENTIONED

Gambia National Insurance Company Ltd
Takaful Gambia Ltd
Sunshine Company Ltd
Global Security Insurance Company Ltd
Prime Insurance Company Ltd
New Vision Insurance Company Ltd
Royal Insurance Gambia Ltd
Great Alliance Insurance Company Ltd
IGiGamster Insurance Company Ltd
Enterprise Life Assurance Gambia Ltd
Capital Express Assurance (G) Ltd
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