Insurance

There are currently eight insurance companies in Gabon, three of which specialise in life insurance. Most are subsidiaries of foreign firms, though locally owned Ogar is the country’s largest insurer. Capital investment of insurance companies has been on the rise, with a total of €142.5m having been invested in 2020, up 3.8% year-on-year. Net incomes in life insurance have also performed well, having increased by 34.5% between 2005 and 2010. Recent reforms should help stem problems with arrears that have traditionally plagued the sector. Insurers in the country are now focusing on strengthening their solvency, increasing penetration and bringing the country in line with regional best practices. This chapter features an interview with Jean-Claude Ngbwa, Secretary-General, Inter-African Conference on Insurance Markets (CIMA).