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The Insurance Industry in Guinea, Key Trends and Opportunities to 2022

The Insurance Industry in Guinea, Key Trends and Opportunities to 2022

Summary

GlobalData’s The Insurance Industry in Guinea, Key Trends and Opportunities to 2022 report provides detailed analysis of the market trends, drivers and challenges in the Guinean insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

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

The report brings together GlobalData’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.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

The report provides in-depth market analysis, information and insights into the Guinean insurance industry, including -

  • The Guinean insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Guinean economy and demographics
  • Details of the competitive landscape in the Guinean insurance industry
  • The various distribution channels in the Guinean insurance industry
  • Details of regulatory policy applicable to the Guinean insurance industry
  • Analysis of natural hazards in the Guinean insurance industry.
Scope
  • This report provides a comprehensive analysis of the insurance industry in Guinea
  • It provides historical values for the Guinean insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
  • It offers a detailed analysis of the key segments in the Guinean insurance industry, with market forecasts to 2022.
  • It covers an exhaustive list of parameters, including written premium and claims.
  • It analyzes the various distribution channels in Guinea.
  • It profiles the top insurance companies in Guinea, 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 Guinean insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Guinean insurance industry.
  • Assess the competitive dynamics in the Guinean insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Guinean insurance industry and their impact on companies and the industry's future.


1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Industry Outlook
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Direct written premium
4.1.3 Insurance density
5 Life Insurance Outlook
5.1 Segment Indicators
5.1.1 Direct written premium
5.1.2 Penetration
5.1.3 Assets and investments
6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Direct written premium
6.1.3 Penetration
6.1.4 Loss ratio
6.1.5 Assets and investments
6.2 Property Insurance
6.2.1 Direct written premium
6.2.2 Penetration
6.3 Motor Insurance
6.3.1 Direct written premium
6.3.2 Penetration
6.4 Liability Insurance
6.4.1 Direct written premium
6.4.2 Penetration
6.5 Marine, Aviation and Transit Insurance
6.5.1 Direct written premium
6.5.2 Penetration
6.6 Personal Accident and Health Insurance
6.6.1 Direct written premium
6.6.2 Penetration
6.6.3 Profitability
6.7 Miscellaneous
6.7.1 Direct written premium
6.7.2 Penetration
7 Reinsurance Outlook
7.1 Premium Ceded
8 Distribution Channel Outlook
9 Natural and Man-Made Hazards
9.1 Flooding
9.2 Epidemics
9.3 Exposure
10 Competitive Landscape
10.1 Company Profiles
10.1.1 Union Guineenne d’Assurances Et De Reassurances (UGAR) - company overview
10.1.2 l’Union des Assurances de Guinée - company overview
10.1.3 NSIA Assurances Guinée - company overview
10.1.4 Société Guinéenne d’Assurances Mutuelle (SOGAM) - company overview
10.1.5 SAAR Assurances SA - company overview
11 Governance, Risk and Compliance
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor third-party liability insurance
11.4.2 Marine liability insurance
11.4.3 Liability insurance for ships with respect to oil pollution
11.4.4 Professional indemnity insurance for brokers
11.4.5 Aviation liability insurance
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 Banque Centrale de la République de Guinée
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Type of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margin
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution
12 Databook
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Assets and investments
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Assets and investments
12.2.4 Property insurance
12.2.5 Motor insurance
12.2.6 Motor insurance by category
12.2.7 Liability insurance
12.2.8 Marine, aviation and transit insurance
12.2.9 Personal accident and health insurance
13 Definitions and Methodology
13.1 Definitions
13.2 Methodology
14 About GlobalData
14.1 Contact GlobalData
14.2 About GlobalData
14.3 GlobalData’s Services
14.4 Disclaimer
List of Tables
Table 1: Guinean Insurance Industry - Key Facts,
Table 2: Guinean Insurance Industry - Top Insurers,
Table 3: Guinean Insurance Industry - Gross Written Premium (GNF Billion and US$ Million), 2013-
Table 4: Guinean Insurance Industry - Gross Written Premium (GNF Billion and US$ Million), 2017-
Table 5: Guinean Insurance Industry - Direct Written Premium (GNF Billion and US$ Million), 2013-
Table 6: Guinean Insurance Industry - Direct Written Premium (GNF Billion and US$ Million), 2017-
Table 7: Guinean Insurance Industry - Density (GNF), 2013-
Table 8: Guinean Insurance Industry - Density (GNF), 2017-
Table 9: Guinean Life Insurance - Direct Written Premium (GNF Billion and US$ Million), 2013-
Table 10: Guinean Life Insurance - Direct Written Premium (GNF Billion and US$ Million), 2017-
Table 11: Guinean Life Insurance - Total Investment Income (GNF Billion and US$ Thousands), 2013-
Table 12: Guinean Life Insurance - Total Investment Income (GNF Billion and US$ Thousands), 2017-
Table 13: Guinean Life Insurance - Investment Portfolio (GNF Billion), 2013-
Table 14: Guinean Life Insurance - Investment Portfolio (GNF Billion), 2017-
Table 15: Guinean General Insurance - Gross Written Premium (GNF Billion and US$ Million), 2013-
Table 16: Guinean General Insurance - Gross Written Premium (GNF Billion and US$ Million), 2017-
Table 17: Guinean General Insurance - Direct Written Premium (GNF Billion and US$ Million), 2013-
Table 18: Guinean General Insurance - Direct Written Premium (GNF Billion and US$ Million), 2017-
Table 19: Guinean General Insurance - Total Investment Income (GNF Billion and US$ Million), 2013-
Table 20: Guinean General Insurance - Total Investment Income (GNF Billion and US$ Million), 2017-
Table 21: Guinean General Insurance - Investment Portfolio (GNF Billion), 2013-
Table 22: Guinean General Insurance - Investment Portfolio (GNF Billion), 2017-
Table 23: Guinean Property Insurance - Gross Written Premium (GNF Billion and US$ Million), 2013-
Table 24: Guinean Property Insurance - Gross Written Premium (GNF Billion and US$ Million), 2017-
Table 25: Guinean Motor Insurance - Gross Written Premium (GNF Billion and US$ Million), 2013-
Table 26: Guinean Motor Insurance - Gross Written Premium (GNF Billion and US$ Million), 2017-
Table 27: Guinean Liability Insurance - Gross Written Premium (GNF Billion and US$ Million), 2013-
Table 28: Guinean Liability Insurance - Gross Written Premium (GNF Billion and US$ Million), 2017-
Table 29: Guinean Marine, Aviation and Transit Insurance - Gross Written Premium (GNF Billion and US$ Million), 2013-
Table 30: Guinean Marine, Aviation and Transit Insurance - Gross Written Premium (GNF Billion and US$ Million), 2017-
Table 31: Guinean Personal Accident and Health Insurance - Gross Written Premium (GNF Billion and US$ Million), 2013-
Table 32: Guinean Personal Accident and Health Insurance - Gross Written Premium (GNF Billion and US$ Million), 2017-
Table 33: Guinean Personal Accident and Health Insurance - Loss Ratio (%), 2013-
Table 34: Guinean Personal Accident and Health Insurance - Loss Ratio (%), 2017-
Table 35: Guinean Miscellaneous - Gross Written Premium (GNF Billion and US$ Thousands), 2013-
Table 36: Guinean Miscellaneous - Gross Written Premium (GNF Billion and US$ Thousands), 2017-
Table 37: Guinean Reinsurance - Premium Ceded by Insurance Segment (GNF Billion), 2013-
Table 38: Guinean Reinsurance - Premium Ceded by Insurance Segment (GNF Billion), 2017-
Table 39: Guinean Insurance Industry - Leading Insurers,
Table 40: Union Guineenne d'Assurances Et De Reassurances - Key Facts
Table 41: L’Union des Assurances de Guinée - Key Facts
Table 42: NSIA Assurances Guinée - Key Facts
Table 43: Société Guinéenne d’Assurances Mutuelle (SOGAM) - Key Facts
Table 44: Union Guineenne d’Assurances Et De Reassurances - Key Facts
Table 45: Guinea - Insurance Regulatory Framework Key Features
Table 46: Guinea - Intermediary Remuneration
Table 47: Guinea - Life Insurance Regulatory Framework
Table 48: Guinea - Property Insurance Regulatory Framework
Table 49: Guinea- Motor Insurance Regulatory Framework
Table 50: Guinea - Liability Insurance Regulatory Framework
Table 51: Guinea- Insurance Premium Tax Rates
Table 52: Guinea - Corporate Tax Rates for the Financial Year
Table 53: Guinean Life Insurance - Policies and Premium, 2013-
Table 54: Guinean Life Insurance - Policies and Premium, 2017-
Table 55: Guinean Life Insurance - Assets and Investments, 2013-
Table 56: Guinean Life Insurance - Assets and Investments, 2017-
Table 57: Guinean General Insurance - Policies and Premium, 2013-
Table 58: Guinean General Insurance - Policies and Premium, 2017-
Table 59: Guinean General Insurance - Claims and Expenses, 2013-
Table 60: Guinean General Insurance - Claims and Expenses, 2017-
Table 61: Guinean General Insurance - Assets and Investments, 2013-
Table 62: Guinean General Insurance - Assets and Investments, 2017-
Table 63: Guinean General Insurance - Property Insurance, 2013-
Table 64: Guinean General Insurance - Property Insurance, 2017-
Table 65: Guinean General Insurance - Motor Insurance, 2013-
Table 66: Guinean General Insurance - Motor Insurance, 2017-
Table 67: Guinean General Insurance - Motor Insurance by Category, 2013-
Table 68: Guinean General Insurance - Motor Insurance by Category, 2017-
Table 69: Guinean General Insurance - Liability Insurance, 2013-
Table 70: Guinean General Insurance - Liability Insurance, 2017-
Table 71: Guinean General Insurance - Marine, Aviation and Transit Insurance, 2013-
Table 72: Guinean General Insurance - Marine, Aviation and Transit Insurance, 2017-
Table 73: Guinean General Insurance - Personal Accident and Health Insurance, 2013-
Table 74: Guinean General Insurance - Personal Accident and Health Insurance, 2017-
Table 75: Insurance Industry Definitions
List of Figures
Figure 1: Guinean Real GDP (GNF Trillion), 2013-
Figure 2: Guinean Exchange Rate (GNF per US$), 2013-
Figure 3: Guinean Consumer Price Inflation (%), 2013-
Figure 4: Guinean Current Account Balance as Percentage of GDP (%), 2013-
Figure 5: Guinean Unemployment Rate, 2013-
Figure 6: Guinean Population by Age Group, 1990-
Figure 7: Guinean Insurance Industry - Gross Written Premium (GNF Billion), 2013-
Figure 8: Guinean Insurance Industry - Direct Written Premium (GNF Billion), 2013-
Figure 9: Guinean Insurance Industry - Density (GNF), 2013-
Figure 10: Guinean Life Insurance - Direct Written Premium (GNF Billion), 2013-
Figure 11: Guinean Life Insurance - Penetration (%), 2013-
Figure 12: Guinean Life Insurance - Penetration (%), 2017-
Figure 13: Guinean Life Insurance - Total Investment Income (GNF Billion), 2013-
Figure 14: Guinean Life Insurance - Investment Portfolio (GNF Billion), 2013-
Figure 15: Guinean Life Insurance - Investment Portfolio Dynamics (GNF Billion), 2013-
Figure 16: Guinean General Insurance - Gross Written Premium (GNF Billion), 2013-
Figure 17: Guinean General Insurance - Direct Written Premium (GNF Billion), 2013-
Figure 18: Guinean General Insurance - Penetration (%), 2013-
Figure 19: Guinean General Insurance - Penetration (%), 2017-
Figure 20: Guinean General Insurance - Loss Ratio (%), 2013-
Figure 21: Guinean General Insurance - Loss Ratio (%), 2017-
Figure 22: Guinean General Insurance - Total Investment Income (GNF Billion), 2013-
Figure 23: Guinean General Insurance - Investment Portfolio (GNF Billion), 2013-
Figure 24: Guinean General Insurance - Investment Portfolio Dynamics (GNF Billion), 2013-
Figure 25: Guinean Property Insurance - Gross Written Premium (GNF Billion), 2013-
Figure 26: Guinean Property Insurance - Penetration (%), 2013-
Figure 27: Guinean Property Insurance - Penetration (%), 2017-
Figure 28: Guinean Motor Insurance - Gross Written Premium (GNF Billion), 2013-
Figure 29: Guinean Motor Insurance - Penetration (%), 2013-
Figure 30: Guinean Motor Insurance - Penetration (%), 2017-
Figure 31: Guinean Liability Insurance - Gross Written Premium (GNF Billion), 2013-
Figure 32: Guinean Liability Insurance - Penetration (%), 2013-
Figure 33: Guinean Liability Insurance - Penetration (%), 2017-
Figure 34: Guinean Marine, Aviation and Transit Insurance - Gross Written Premium (GNF Billion), 2013-
Figure 35: Guinean Marine, Aviation and Transit Insurance - Penetration (%), 2013-
Figure 36: Guinean Marine, Aviation and Transit Insurance - Penetration (%), 2017-
Figure 37: Guinean Personal Accident and Health Insurance - Gross Written Premium (GNF Billion), 2013-
Figure 38: Guinean Personal Accident and Health Insurance - Penetration (%), 2013-
Figure 39: Guinean Personal Accident and Health Insurance - Penetration (%), 2017-
Figure 40: Guinean Personal Accident and Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (GNF Billion and %), 2013-
Figure 41: Guinean Miscellaneous - Gross Written Premium (GNF Billion), 2013-
Figure 42: Guinean Miscellaneous - Penetration (%), 2013-
Figure 43: Guinean Miscellaneous - Penetration (%), 2017-
Figure 44: Guinean Reinsurance - Premium Ceded by Insurance Segment (GNF Billion), 2013-
Figure 45: Guinean General Insurance - Percentage of Reinsurance Ceded (%), 2013-
Figure 46: Guinea - Insurance Supervision and Control at Various Levels
Figure 47: Guinea - Insurance Regulatory Frameworks for Company Registration and Operation

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