[ACCI-CAVIE] The Gabonese insurance market has defied the odds, emerging from a deep slump to post a staggering 84.8% growth in the second quarter of 2024. This dramatic turnaround is a testament to the sector’s resilience and the country’s burgeoning economic activity.

After a disheartening 63.3% decline in the first quarter, the market has rebounded with renewed vigor. This resurgence is primarily fueled by a surge in business ventures across various sectors, particularly construction and mining. The increased economic activity has created new opportunities for insurance coverage, driving up demand.

Both non-life and life insurance segments have contributed significantly to the overall growth. Non-life insurance has seen a remarkable 82.6% increase, driven by strong performances in motor and health insurance. Meanwhile, the life insurance sector has experienced a substantial 93.1% surge, bolstered by the renewal of existing policies and the introduction of new products.

While the sector has witnessed impressive growth, it’s important to note that the total claims paid decreased by 24.2% during the review period. This decline can be attributed to a decrease in non-life claims, which fell by 53.7%. However, life insurance claims saw a significant increase of 179.3%.

The total amount of commissions paid to insurance intermediaries has also experienced a decline of 20.9% in the second quarter. However, on an annual basis, the amount is up by 11.7%, reflecting the growing influence of intermediaries in expanding their client base.

Despite the significant growth, Gabon’s insurance penetration rate remains relatively low at less than 2%. This presents a substantial untapped potential for the sector. As the economy continues to expand and awareness of insurance benefits increases, there is ample room for further growth and development.

The editorial team with “Le nouveau Gabon”