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

  • Key Facts and Highlights
    • Table The Gambian Insurance Industry - Key Facts
  • Executive Summary
  • Economy and Demographics
  • The Gambian Insurance Industry Overview
    • The Gambian Insurance Industry
      • Table Gambian Insurance - Gross Written Premium by Segment (GMD Million), 2010-2014
      • Table Gambian Insurance - Gross Written Premium by Segment (US$ Million), 2010-2014
      • Table Gambian Insurance - Gross Written Premium by Segment (GMD Million), 2014-2019
      • Table Gambian Insurance - Gross Written Premium by Segment (US$ Million), 2014-2019
      • Table Gambian Insurance - Segmentation by Gross Written Premium (% Share), 2010-2019
      • Table Gambian Insurance - Direct Written Premium by Segment (GMD Million), 2010-2014
      • Table Gambian Insurance - Direct Written Premium by Segment (US$ Million), 2010-2014
      • Table Gambian Insurance - Direct Written Premium by Segment (GMD Million), 2014-2019
      • Table Gambian Insurance - Direct Written Premium by Segment (US$ Million), 2014-2019
      • Table The Gambian Insurance Segmentation by Direct Written Premium (% Share), 2010-2019
  • Life Insurance
    • Table Gambian Life Insurance - Gross Written Premium (GMD Million), 2010-2014
    • Table Gambian Life Insurance - Gross Written Premium (GMD Million), 2014-2019
    • Table Gambian Life Insurance - Direct Written Premium (GMD Million), 2010-2014
    • Table Gambian Life Insurance - Direct Written Premium (GMD Million), 2014-2019
    • Table Gambian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
    • Table Gambian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
    • Table Gambian Life Insurance - Total Assets (GMD Million), 2010-2014
    • Table Gambian Life Insurance - Total Assets (GMD Million), 2014-2019
    • Table Gambian Life Insurance - Net Written Premium (GMD Million), 2010-2014
    • Table Gambian Life Insurance - Net Written Premium (GMD Million), 2014-2019
  • Non-Life Insurance
    • Table Gambian Non-Life Insurance - Gross Written Premium (GMD Million), 2010-2014
    • Table Gambian Non-Life Insurance - Gross Written Premium (GMD Million), 2014-2019
    • Table Gambian Non-Life Insurance - Direct Written Premium (GMD Million), 2010-2014
    • Table Gambian Non-Life Insurance - Direct Written Premium (GMD Million), 2014-2019
    • Table Gambian Non-Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
    • Table Gambian Non-Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
    • Table Gambian Non-Life Insurance - Total Assets (GMD Million), 2010-2014
    • Table Gambian Non-Life Insurance - Total Assets (GMD Million), 2014-2019
    • Table Gambian Non-Life Insurance - Net Written Premium (GMD Million), 2010-2014
    • Table Gambian Non-Life Insurance - Net Written Premium (GMD Million), 2014-2019
  • Personal Accident and Health Insurance
    • Table Gambian Personal Accident and Health Insurance - Gross Written Premium (GMD Million), 2010-2014
    • Table Gambian Personal Accident and Health Insurance - Gross Written Premium (GMD Million), 2014-2019
    • Table Gambian Personal Accident and Health Insurance - Direct Written Premium (GMD Million), 2010-2014
    • Table Gambian Personal Accident and Health Insurance - Direct Written Premium (GMD Million), 2014-2019
    • Table Gambian Personal Accident and Health Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
    • Table Gambian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
    • Table Gambian Personal Accident and Health Insurance - Total Assets (GMD Million), 2010-2014
    • Table Gambian Personal Accident and Health Insurance - Total Assets (GMD Million), 2014-2019
    • Table Gambian Personal Accident and Health Insurance - Net Written Premium (GMD Million), 2010-2014
    • Table Gambian Personal Accident and Health Insurance - Net Written Premium (GMD Million), 2014-2019
    • Health insurance
      • Table Gambian Health Insurance - Gross Written Premium (GMD Million), 2010-2014
      • Table Gambian Health Insurance - Gross Written Premium (GMD Million), 2014-2019
  • Reinsurance
    • Table Gambian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (GMD Million), 2010-2014
    • Table Gambian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Thousand), 2010-2014
    • Table Gambian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (GMD Million), 2014-2019
    • Table Gambian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Thousand), 2014-2019
    • Table Gambian Life Insurance - Share of Premium Ceded (Excluding Retrocession), 2010-2014
    • Table Gambian Life Insurance - Share of Premium Ceded (Excluding Retrocession), 2014-2019
    • Table Gambian Non-Life Insurance - Share of Premium Ceded (Excluding Retrocession), 2010-2014
    • Table Gambian Non-Life Insurance - Share of Premium Ceded (Excluding Retrocession), 2014-2019
    • Table Gambian Personal Accident and Health Insurance - Share of Premium Ceded (Excluding Retrocession), 2010-2014
    • Table Gambian Personal Accident and Health Insurance - Share of Premium Ceded (Excluding Retrocession), 2014-2019
  • Distribution Channel Outlook
    • Table List of Registered Brokers in the Gambia, 2015
  • Natural Hazards
    • Table The Gambia Average Annual Loss by Hazard
    • Floods
    • Droughts
    • Storms
    • Exposure
  • Competitive Landscape
    • Overview
      • Table List of Insurance Companies in the Gambia, 2015
    • Insurance Companies
      • Gambia National Insurance Company Ltd - company overview
        • Table Gambia National Insurance Company Ltd - Key Facts
      • Takaful Gambia Ltd - company overview
        • Table Takaful Gambia Ltd - Key Facts
      • Sunshine Company Ltd - company overview
        • Table Sunshine Insurance Ltd - Key Facts
      • Global Security Insurance Company Ltd - company overview
        • Table Global Security Insurance Company Ltd - Key Facts
      • Prime Insurance Company Ltd - company overview
        • Table Prime Insurance Company Ltd - Key Facts
      • New Vision Insurance Company Ltd - company overview
        • Table New Vision Insurance Company Ltd - Key Facts
      • Royal Insurance Gambia Ltd - company overview
        • Table Royal Insurance Gambia Ltd - Key Facts
      • Great Alliance Insurance Company Ltd - company overview
        • Table Great Alliance Insurance Company Ltd - Key Facts
      • IGiGamster Insurance Company Ltd - company overview
        • Table IGiGamster Insurance Company Ltd - Key Facts
      • Enterprise Life Assurance Gambia Ltd - company overview
        • Table Enterprise Life Assurance Gambia Ltd - Key Facts
      • Capital Express Assurance (G) Ltd - company overview
        • Table Enterprise Life Assurance Gambia Ltd - Key Facts
  • Governance, Risk and Compliance
    • Table The Gambia - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulations
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table The Gambia - Life Insurance Regulatory Framework
      • Property insurance
        • Table The Gambia - Property Insurance Regulatory Framework
      • Motor insurance
        • Table The Gambia - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table The Gambia - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
    • Supervision and Control
      • Central Bank of the Gambia
      • Insurance Association of the Gambia
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Types of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margins
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table The Gambia - Corporate Tax Rates for the Financial Year 2015
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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.


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