Gambian Insurance Industry is Dominated by the Non-life Segment

Date: 2015-09-17

“• The Gambian insurance industry is dominated by the non-life segment, which accounted for the largest share of the gross written premium in 2013, with 61.6%

• The life insurance segment’s contribution to GDP stood at just 0.15%, while the non-life segment’s was 0.37% and the personal accident and health insurance segment’s was 0.08%

• The Gambian insurance industry recorded a low combined ratio for the life, non-life and personal accident and health segments during the review period

• The Gambian insurance industry is small but competitive, with the presence of both domestic and foreign businesses

• There were 13 insurance companies and nine brokerage firms operating within the industry as of 2013

• The Gambian insurance industry is regulated and supervised by the Central Bank of the Gambia (CBG)”

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