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 was 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 over 771 million FCFA in its turnover, rising from 452.5 million to 801.9 million FCFA. It was followed by Ogar Vie, which recorded an increase of over 301 million FCFA, from 6.6 billion to 8.6 billion FCFA; then Nsia Vie, which saw an increase of 13.5 million FCFA, from 1.4 billion to 1.6 billion FCFA; and Sunu Assurance Vie, which grew by 5.8 million FCFA, from 6.2 billion to 6.5 billion FCFA.

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

However, in the property and casualty insurance sector (fire, accidents, and miscellaneous risks), revenue fell by 3.31%. It totaled 64.8 billion FCFA at the end of September 2021, compared to 67.1 billion FCFA year-on-year. Sunu Assurance IARD Gabon experienced the largest decline (-11.41%, followed by Assinco (-7.71%, and Sanlam Assurance IARD -4.91%). Only Ogar (-0.41%, and AXA (+31%, and 31%, 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 Directorate General of Economy and Fiscal Policy (DGEPF), the consolidated turnover of the insurance sector at the end of December 2020 increased by 4.71% compared to the end of December 2019, rising from 85.73 billion FCFA to 89.74 billion FCFA. This increase is linked to the strong performance recorded in the non-life insurance branches.