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The Insurance Industry in Gambia, Key Trends and Opportunities to 2017

Timetric
Published Date » 2013-03-22
No. Of Pages » 99
Synopsis

The report provides in depth market analysis, information and insights into the insurance industry in Gambia, including:
  • The Gambian insurance industrys growth prospects by insurance segments and categories
  • The competitive landscape in the Gambian insurance industry
  • The current trends and drivers of the Gambia insurance industry
  • The challenges facing the Gambia insurance industry
  • The regulatory framework of the Gambia insurance industry
Summary

The insurance industry in Gambia is small and fragmented. There are 11 insurance companies in the country, out of which nine are authorized to operate in the non-life insurance segment, one operates in the life insurance segment while the remaining company operates in both segments. 

There are also seven insurance brokers and 13 insurance agents in the country. According to the United Nations Development Programme's 2011 Human Development Index, Gambia is one of the poorest countries in the world, with a world ranking of 168 out of 187. Poverty is widespread in the rural population and three-quarters of the rural population are classified as poor. These conditions hampered the growth of the countrys insurance industry, as people did not have sufficient funds to invest in insurance policies.

Scope

This report provides a comprehensive analysis of the insurance industry in Gambia:
  • It provides historical values for the Gambian insurance industry for the reports 2008-2012 review period and forecast figures for the 2012-2017 forecast period 
  • It offers a detailed analysis of the key segments and categories in the Gambian insurance industry, along with industry forecasts until 2017
  • 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 
  • It profiles the top insurance companies in Gambia and outlines the key regulations affecting them
Reasons To Buy

  • Make strategic business decisions using in depth historic and forecast industry data related to the Gambian insurance industry and each segment within it
  • Assess the competitive dynamics in the Gambian insurance industry
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Gambian insurance industry
  • Identify the growth opportunities and market dynamics within key segments
  • Gain insights into key regulations governing the Gambian insurance industry and its impact on companies and the industry's future
Key Highlights

  • The insurance industry in Gambia is small and fragmented
  • There are 11 insurance companies in the country, out of which nine are authorized to operate in the non-life insurance segment, one operates in the life insurance segment while the remaining company operates in both segments
  • Despite stringent regulations in the Gambian insurance industry, many unethical practices are gaining ground in the country
  • The Insurance Association of the Gambia (IAG) is making efforts to educate people about the importance of insurance
Table of Content

1 Executive Summary

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 Gambian Insurance Industry Overview
3.1 Gambian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Regulation

4 Industry Segmentation
4.1 Non-Life Insurance Growth Prospects by Category
4.1.1 Property insurance
4.1.2 Motor insurance
4.1.3 Liability insurance
4.1.4 Marine, aviation and transit insurance
4.2 Personal Accident and Health Insurance Growth Prospects by Category
4.3 Reinsurance Market Size by Segment, 2008-2017

5 Competitive Landscape
5.1 Overview
5.2 Leading Companies
5.2.1 International Insurance Company Limited
5.2.2 IGI Gamstar Insurance Company
5.2.3 Great Alliance Insurance Company Limited
5.2.4 Sunshine Insurance Company
5.2.5 Global Security Insurance Company Limited

6 Macroeconomic Indicators
6.1 GDP at Constant Prices (US dollar)
6.2 GDP Per Capita at Constant Prices (US dollar)
6.3 GDP at Current Prices (US dollar)
6.4 Exports as a Percentage of GDP
6.5 Imports as a Percentage of GDP
6.6 Healthcare Expenditure Per Capita
6.7 Total Population

7 Appendix
7.1 Methodology
7.2 Contact Us
7.3 About Timetric
7.4 Disclaimer

List of Tables


Table 1: Insurance Industry Definitions
Table 2: Gambian Insurance Overall Written Premium by Segment (GMD Million), 2008-2012
Table 3: Gambian Insurance Overall Written Premium by Segment (US$ Million), 2008-2012
Table 4: Gambian Insurance Overall Written Premium by Segment (GMD Million), 2012-2017
Table 5: Gambian Insurance Overall Written Premium by Segment (US$ Million), 2012-2017
Table 6: Gambian Insurance Segmentation by Share (%), 2008-2017
Table 7: Gambian Life Insurance - Paid Claims (GMD Million), 2008-2012
Table 8: Gambian Life Insurance - Paid Claims (GMD Million), 2012-2017
Table 9: Gambian Life Insurance - Incurred Loss (GMD Million), 2008-2012
Table 10: Gambian Life Insurance - Incurred Loss (GMD Million), 2012-2017
Table 11: Gambian Life Insurance - Loss Ratio (%), 2008-2012
Table 12: Gambian Life Insurance - Loss Ratio (%), 2012-2017
Table 13: Gambian Life Insurance - Combined Ratio (%), 2008-2012
Table 14: Gambian Life Insurance - Combined Ratio (%), 2012-2017
Table 15: Gambian Life Insurance - Total Assets (GMD Million), 2008-2012
Table 16: Gambian Life Insurance - Total Assets (GMD Million), 2012-2017
Table 17: Gambian Life Insurance - Retentions (GMD Million), 2008-2012
Table 18: Gambian Life Insurance - Retentions (GMD Million), 2012-2017
Table 19: Gambian Non-life Insurance Written Premium by Category (GMD Million), 2008-2012
Table 20: Gambian Non-life Insurance Written Premium by Category (US$ Million), 2008-2012
Table 21: Gambian Non-life Insurance Written Premium by Category (GMD Million), 2012-2017
Table 22: Gambian Non-life Insurance Written Premium by Category (US$ Million), 2012-2017
Table 23: Gambian Non-life Insurance - Paid Claims (GMD Million), 2008-2012
Table 24: Gambian Non-life Insurance - Paid Claims (GMD Million), 2012-2017
Table 25: Gambian Non-life Insurance - Incurred Loss (GMD Million), 2008-2012
Table 26: Gambian Non-life Insurance - Incurred Loss (GMD Million), 2012-2017
Table 27: Gambian Non-life Insurance - Loss Ratio (%), 2008-2012
Table 28: Gambian Non-life Insurance - Loss Ratio (%), 2012-2017
Table 29: Gambian Non-life Insurance - Combined Ratio (%), 2008-2012
Table 30: Gambian Non-life Insurance - Combined Ratio (%), 2012-2017
Table 31: Gambian Non-life Insurance - Total Assets (GMD Million), 2008-2012
Table 32: Gambian Non-life Insurance - Total Assets (GMD Million), 2012-2017
Table 33: Gambian Non-life Insurance - Retentions (GMD Million), 2008-2012
Table 34: Gambian Non-life Insurance - Retentions (GMD Million), 2012-2017
Table 35: Gambian Property Insurance - Written Premium (GMD Million), 2008-2012
Table 36: Gambian Property Insurance - Written Premium (GMD Million), 2012-2017
Table 37: Gambian Motor Insurance - Written Premium (GMD Million), 2008-2012
Table 38: Gambian Motor Insurance - Written Premium (GMD Million), 2012-2017
Table 39: Gambian Liability Insurance - Written Premium (GMD Million), 2008-2012
Table 40: Gambian Liability Insurance - Written Premium (GMD Million), 2012-2017
Table 41: Gambian Marine, Aviation and Transit Insurance - Written Premium (GMD Million), 2008-2012
Table 42: Gambian Marine, Aviation and Transit Insurance - Written Premium (GMD Million), 2012-2017
Table 43: Gambian Personal Accident and Health Insurance - Paid Claims (GMD Million), 2008-2012
Table 44: Gambian Personal Accident and Health Insurance - Paid Claims (GMD Million), 2012-2017
Table 45: Gambian Personal Accident and Health Insurance - Incurred Loss (GMD Million), 2008-2012
Table 46: Gambian Personal Accident and Health Insurance - Incurred Loss (GMD Million), 2012-2017
Table 47: Gambian Personal Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 48: Gambian Personal Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 49: Gambian Personal Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 50: Gambian Personal Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 51: Gambian Personal Accident and Health Insurance - Total Assets (GMD Million), 2008-2012
Table 52: Gambian Personal Accident and Health Insurance - Total Assets (GMD Million), 2012-2017
Table 53: Gambian Personal Accident and Health Insurance - Retentions (GMD Million), 2008-2012
Table 54: Gambian Personal Accident and Health Insurance - Retentions (GMD Million), 2012-2017
Table 55: Gambian Reinsurance Ceded by Segment (GMD Million), 2008-2012
Table 56: Gambian Reinsurance Ceded by Segment (US$ Million), 2008-2012
Table 57: Gambian Reinsurance Ceded by Segment (GMD Million), 2012-2017
Table 58: Gambian Reinsurance Ceded by Segment (US$ Million), 2012-2017
Table 59: Gambian Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 60: Gambian Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 61: Gambian Non-life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 62: Gambian Non-life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 63: Gambian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 64: Gambian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 65: Gambian Insurance Companies, 2011
Table 66: International Insurance Company Limited, Main Products
Table 67: International Insurance Company Limited, Key Employees
Table 68: IGI Gamstar Insurance Company, Main Products
Table 69: IGI Gamstar Insurance Company, Key Employees
Table 70: Great Alliance Insurance Company Limited, Main Products
Table 71: Great Alliance Insurance Company Limited, Key Employees
Table 72: Sunshine Insurance Company, Main Products
Table 73: Sunshine Insurance Company, Key Employees
Table 74: Global Security Insurance Company Limited, Main Products
Table 75: Global Security Insurance Company Limited, Key Employees

List of Figures


Figure 1: Gambian Insurance Overall Written Premium by Segment (GMD Million), 2008-2017
Figure 2: Gambian Insurance Market Dynamics by Segment, 2008-2017
Figure 3: Gambian Life Insurance - Paid Claims (GMD Million), 2008-2012
Figure 4: Gambian Life Insurance - Paid Claims (GMD Million), 2012-2017
Figure 5: Gambian Life Insurance - Incurred Loss (GMD Million), 2008-2012
Figure 6: Gambian Life Insurance - Incurred Loss (GMD Million), 2012-2017
Figure 7: Gambian Life Insurance - Loss Ratio (%), 2008-2012
Figure 8: Gambian Life Insurance - Loss Ratio (%), 2012-2017
Figure 9: Gambian Life Insurance - Combined Ratio (%), 2008-2012
Figure 10: Gambian Life Insurance - Combined Ratio (%), 2012-2017
Figure 11: Gambian Life Insurance - Total Assets (GMD Million), 2008-2012
Figure 12: Gambian Life Insurance - Total Assets (GMD Million), 2012-2017
Figure 13: Gambian Life Insurance - Retentions (GMD Million), 2008-2012
Figure 14: Gambian Life Insurance - Retentions (GMD Million), 2012-2017
Figure 15: Gambian Life Insurance Penetration (% of GDP), 2008-2012
Figure 16: Gambian Life Insurance - Premium Per Capita (GMD), 2008-2012
Figure 17: Gambian Non-life Insurance Written Premium by Category (GMD Million), 2008-2017
Figure 18: Gambian Non-life Insurance Written Premium by Category (% Share), 2012 and 2017
Figure 19: Gambian Non-life Insurance Market Dynamics by Category (%), 2008-2017
Figure 20: Gambian Non-life Insurance - Paid Claims (GMD Million), 2008-2012
Figure 21: Gambian Non-life Insurance - Paid Claims (GMD Million), 2012-2017
Figure 22: Gambian Non-life Insurance - Incurred Loss (GMD Million), 2008-2012
Figure 23: Gambian Non-life Insurance - Incurred Loss (GMD Million), 2012-2017
Figure 24: Gambian Non-life Insurance - Loss Ratio (%), 2008-2012
Figure 25: Gambian Non-life Insurance - Loss Ratio (%), 2012-2017
Figure 26: Gambian Non-life Insurance - Combined Ratio (%), 2008-2012
Figure 27: Gambian Non-life Insurance - Combined Ratio (%), 2012-2017
Figure 28: Gambian Non-life Insurance - Total Assets (GMD Million), 2008-2012
Figure 29: Gambian Non-life Insurance - Total Assets (GMD Million), 2012-2017
Figure 30: Gambian Non-life Insurance - Retentions (GMD Million), 2008-2012
Figure 31: Gambian Non-life Insurance - Retentions (US$ Million), 2012-2017
Figure 32: Gambian Non-life Insurance Penetration (% of GDP), 2008-2012
Figure 33: Gambian Non-life Insurance - Premium Per Capita (GMD), 2008-2012
Figure 34: Gambian Property Insurance - Written Premium (GMD Million), 2008-2012
Figure 35: Gambian Property Insurance - Written Premium (GMD Million), 2012-2017
Figure 36: Gambian Motor Insurance - Written Premium (GMD Million), 2008-2012
Figure 37: Gambian Motor Insurance - Written Premium (GMD Million), 2012-2017
Figure 38: Gambian Liability Insurance - Written Premium (GMD Million), 2008-2012
Figure 39: Gambian Liability Insurance - Written Premium (GMD Million), 2012-2017
Figure 40: Gambian Marine, Aviation and Transit Insurance - Written Premium (GMD Million), 2008-2012
Figure 41: Gambian Marine, Aviation and Transit Insurance - Written Premium (GMD Million), 2012-2017
Figure 42: Gambian Personal Accident and Health Insurance - Paid Claims (GMD Million), 2008-2012
Figure 43: Gambian Personal Accident and Health Insurance - Paid Claims (GMD Million), 2012-2017
Figure 44: Gambian Personal Accident and Health Insurance - Incurred Loss (GMD Million), 2008-2012
Figure 45: Gambian Personal Accident and Health Insurance - Incurred Loss (GMD Million), 2012-2017
Figure 46: Gambian Personal Accident and Health Insurance - Loss Ratio (%), 2008-2012
Figure 47: Gambian Personal Accident and Health Insurance - Loss Ratio (%), 2012-2017
Figure 48: Gambian Personal Accident and Health Insurance - Combined Ratio (%), 2008-2012
Figure 49: Gambian Personal Accident and Health Insurance - Combined Ratio (%), 2012-2017
Figure 50: Gambian Personal Accident and Health Insurance - Total Assets (GMD Million), 2008-2012
Figure 51: Gambian Personal Accident and Health Insurance - Total Assets (GMD Million), 2012-2017
Figure 52: Gambian Personal Accident and Health Insurance - Retentions (GMD Million), 2008-2012
Figure 53: Gambian Personal Accident and Health Insurance - Retentions (GMD Million), 2012-2017
Figure 54: Gambian Personal Accident and Health Insurance Penetration (% of GDP), 2008-2012
Figure 55: Gambian Personal Accident and Health Insurance - Premium Per Capita (GMD), 2008-2012
Figure 56: Gambian Reinsurance Ceded by Insurance Segment (GMD Million), 2008-2017
Figure 57: Gambian Reinsurance Market Dynamics by Insurance Segment (%), 2008-2017
Figure 58: Gambian Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 59: Gambian Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 60: Gambian Non-life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 61: Gambian Non-life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 62: Gambian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 63: Gambian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 64: Gambian GDP at Constant Prices (US$ Million), 2007-2011
Figure 65: Gambian GDP Per Capita at Constant Prices (US$), 2007-2011
Figure 66: Gambian GDP at Current Prices (US$ Billion), 2007-2011
Figure 67: Gambian Exports as a Percentage of GDP (%), 2007-2011
Figure 68: Gambian Imports as a Percentage of GDP (%), 2007-2011
Figure 69: Gambian Healthcare Expenditure Per Capita (US$), 2007-2011
Figure 70: Gambian Total Population (Million), 2007-2011

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