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Synopsis
Gambia is one of the poorest countries in the world, with a world ranking of 168 out of 187 according to the United Nations Development Programme's (UNDP) Human Development Report 2013. High poverty rates and lack of economic diversity make the country highly vulnerable to financial crises and food price volatility. However, stable economic development and the government’s initiatives to improve the industry’s awareness level supported its growth during the review period (2009–2013), which grew at a compound annual growth rate (CAGR) of 1.8%.

The Gambian insurance industry is small, but remains attractive and provides ample growth opportunities for global investors, as penetration remains low.

Summary
The report provides in-depth industry analysis, information and insights into the insurance industry in Gambia, including:

- The Gambian insurance industry’s growth prospects by insurance segment and category

- The competitive landscape in the Gambian insurance industry

- The current trends and drivers in the Gambian insurance industry

- Challenges facing the Gambian insurance industry

- The detailed regulatory framework of the Gambian insurance industry

Scope
This report provides a comprehensive analysis of the insurance industry in Gambia:

- It provides historical values for the Gambian insurance industry for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.

- It offers a detailed analysis of the key segments and categories in the Gambian insurance industry, along with forecasts until 2018.

- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.

- It profiles the top insurance companies in Gambia, and outlines the key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast industry data related to the Gambian insurance industry and each segment within it.

- Understand the demand-side dynamics, key trends and growth opportunities in the Gambian insurance industry.

- Assess the competitive dynamics in the Gambian insurance industry.

- Identify the 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 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)

Table Of Contents

The Insurance Industry in Gambia, Key Trends and Opportunities to 2018
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Gambian Insurance Industry Overview
3.1 Gambian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Personal Accident and Health Insurance
4.4 Reinsurance
5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Liability insurance
5.2.5 Marine, aviation and transit insurance
5.2.6 Personal accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.4 Supervision and Control
5.4.1 The Central Bank of Gambia (CBG)
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Alternative dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Gambia National Insurance Co. Ltd
6.2.2 Takaful Gambia Ltd
6.2.3 Sunshine Insurance Company
6.2.4 Global Security Insurance Company Ltd
6.2.5 Capital Express Assurance (G) Ltd
6.2.6 Enterprise Life Assurance Gambia Ltd
7 Macroeconomic Indicators
7.1 GDP at constant prices (US$)
7.2 GDP per capita at current prices (US$)
7.3 GDP at current prices (US$)
7.4 Inflation Rate
7.5 Labor Force
7.6 Total Population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Gambian Insurance Gross Written Premium by Segment (GMD Million), 2009-2013
Table 3: Gambian Insurance Gross Written Premium by Segment (US$ Million), 2009-2013
Table 4: Gambian Insurance Gross Written Premium by Segment (GMD Million), 2013-2018
Table 5: Gambian Insurance Gross Written Premium by Segment (US$ Million), 2013-2018
Table 6: Gambian Insurance Segmentation by Gross Written Premium (Percentage Share), 2009-2018
Table 7: Gambian Insurance Direct Written Premium by Segment (GMD Million), 2009-2013
Table 8: Gambian Insurance Direct Written Premium by Segment (US$ Million), 2009-2013
Table 9: Gambian Insurance Direct Written Premium by Segment (GMD Million), 2013-2018
Table 10: Gambian Insurance Direct Written Premium by Segment (US$ Million), 2013-2018
Table 11: Gambian Insurance Segmentation by Direct Written Premium (Percentage Share), 2009-2018
Table 12: Gambian Life Insurance - Gross Written Premium (GMD Million), 2009-2013
Table 13: Gambian Life Insurance - Gross Written Premium (GMD Million), 2013-2018
Table 14: Gambian Life Insurance - Direct Written Premium (GMD Million), 2009-2013
Table 15: Gambian Life Insurance - Direct Written Premium (GMD Million), 2013-2018
Table 16: Gambian Life Insurance - Paid Claims (GMD Million), 2009-2013
Table 17: Gambian Life Insurance - Paid Claims (GMD Million), 2013-2018
Table 18: Gambian Life Insurance - Incurred Loss (GMD Million), 2009-2013
Table 19: Gambian Life Insurance - Incurred Loss (GMD Million), 2013-2018
Table 20: Gambian Life Insurance - Loss Ratio (%), 2009-2013
Table 21: Gambian Life Insurance - Loss Ratio (%), 2013-2018
Table 22: Gambian Life Insurance - Combined Ratio (%), 2009-2013
Table 23: Gambian Life Insurance - Combined Ratio (%), 2013-2018
Table 24: Gambian Life Insurance - Total Assets (GMD Million), 2009-2013
Table 25: Gambian Life Insurance - Total Assets (GMD Million), 2013-2018
Table 26: Gambian Life Insurance - Retentions (GMD Million), 2009-2013
Table 27: Gambian Life Insurance - Retentions (GMD Million), 2013-2018
Table 28: Gambian Non-Life Insurance - Gross Written Premium by Category (GMD Million), 2009-2013
Table 29: Gambian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 30: Gambian Non-Life Insurance - Gross Written Premium by Category (GMD Million), 2013-2018
Table 31: Gambian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 32: Gambian Non-Life Insurance - Direct Written Premium by Category (GMD Million), 2009-2013
Table 33: Gambian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 34: Gambian Non-Life Insurance - Direct Written Premium by Category (GMD Million), 2013-2018
Table 35: Gambian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 36: Gambian Non-Life Insurance - Paid Claims (GMD Million), 2009-2013
Table 37: Gambian Non-Life Insurance - Paid Claims (GMD Million), 2013-2018
Table 38: Gambian Non-Life Insurance - Incurred Loss (GMD Million), 2009-2013
Table 39: Gambian Non-Life Insurance - Incurred Loss (GMD Million), 2013-2018
Table 40: Gambian Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 41: Gambian Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 42: Gambian Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 43: Gambian Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 44: Gambian Non-Life Insurance - Total Assets (GMD Million), 2009-2013
Table 45: Gambian Non-Life Insurance - Total Assets (GMD Million), 2013-2018
Table 46: Gambian Non-Life Insurance - Retentions (GMD Million), 2009-2013
Table 47: Gambian Non-Life Insurance - Retentions (GMD Million), 2013-2018
Table 48: Gambian Property Insurance - Gross Written Premium (GMD Million), 2009-2013
Table 49: Gambian Property Insurance - Gross Written Premium (GMD Million), 2013-2018
Table 50: Gambian Motor Insurance - Gross Written Premium (GMD Million), 2009-2013
Table 51: Gambian Motor Insurance - Gross Written Premium (GMD Million), 2013-2018
Table 52: Gambian Liability Insurance - Gross Written Premium (GMD Million), 2009-2013
Table 53: Gambian Liability Insurance - Gross Written Premium (GMD Million), 2013-2018
Table 54: Gambian Marine, Aviation and Transit Insurance - Gross Written Premium (GMD Million), 2009-2013
Table 55: Gambian Marine, Aviation and Transit Insurance - Gross Written Premium (GMD Million), 2013-2018
Table 56: Gambian Personal Accident and Health Insurance - Gross Written Premium (GMD Million), 2009-2013
Table 57: Gambian Personal Accident and Health Insurance - Gross Written Premium (GMD Million), 2013-2018
Table 58: Gambian Personal Accident and Health Insurance - Direct Written Premium (GMD Million), 2009-2013
Table 59: Gambian Personal Accident and Health Insurance - Direct Written Premium (GMD Million), 2013-2018
Table 60: Gambian Personal Accident and Health Insurance - Paid Claims (GMD Million), 2009-2013
Table 61: Gambian Personal Accident and Health Insurance - Paid Claims (GMD Million), 2013-2018
Table 62: Gambian Personal Accident and Health Insurance - Incurred Loss (GMD Million), 2009-2013
Table 63: Gambian Personal Accident and Health Insurance - Incurred Loss (GMD Million), 2013-2018
Table 64: Gambian Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 65: Gambian Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 66: Gambian Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 67: Gambian Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 68: Gambian Personal Accident and Health Insurance - Total Assets (GMD Million), 2009-2013
Table 69: Gambian Personal Accident and Health Insurance - Total Assets (GMD Million), 2013-2018
Table 70: Gambian Personal Accident and Health Insurance - Retentions (GMD Million), 2009-2013
Table 71: Gambian Personal Accident and Health Insurance - Retentions (GMD Million), 2013-2018
Table 72: Gambian Reinsurance - Ceded by Insurance Segment (GMD Million), 2009-2013
Table 73: Gambian Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2013
Table 74: Gambian Reinsurance - Ceded by Insurance Segment (GMD Million), 2013-2018
Table 75: Gambian Reinsurance - Ceded by Insurance Segment (US$ Million), 2013-2018
Table 76: Gambian Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 77: Gambian Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018
Table 78: Gambian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 79: Gambian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 80: Gambian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 81: Gambian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 82: The Gambia - Life Insurance Regulatory Framework
Table 83: The Gambia - Property Insurance Regulatory Framework
Table 84: The Gambia - Motor Insurance Regulatory Framework
Table 85: The Gambia - Liability Insurance Regulatory Framework
Table 86: The Gambia - Corporate Tax Rates for the Financial Year 2014
Table 87: List of Insurance Companies in Gambia, 2013
Table 88: Gambia National Insurance Co. Ltd, Main Products
Table 89: Gambia National Insurance Co. Ltd, Key Employees
Table 90: Takaful Gambia Ltd, Main Products
Table 91: Takaful Gambia Ltd, Key Employees
Table 92: Sunshine Insurance Company, Main Products
Table 93: Sunshine Insurance Company, Key Employees
Table 94: Global Insurance Company, Main Products
Table 95: Global Insurance Company, Key Employees
Table 96: Capital Express Assurance (G) Ltd, Main Products
Table 97: Capital Express Assurance (G) Ltd, Key Employees
Table 98: Enterprise Life Assurance Group, Main Products
Table 99: Enterprise Life Assurance Group, Key Employees

List of Figures
Figure 1: Gambian Insurance Gross Written Premium by Segment (GMD Million), 2009-2018
Figure 2: Gambian Insurance Gross Written Premium Market Dynamics by Segment, 2009-2018
Figure 3: Gambian Insurance Direct Written Premium by Segment (GMD Million), 2009-2018
Figure 4: Gambian Insurance Direct Written Premium Market Dynamics by Segment, 2009-2018
Figure 5: Gambian Life Insurance - Gross Written Premium (GMD Million), 2009-2013
Figure 6: Gambian Life Insurance - Gross Written Premium (GMD Million), 2013-2018
Figure 7: Gambian Life Insurance - Direct Written Premium (GMD Million), 2009-2013
Figure 8: Gambian Life Insurance - Direct Written Premium (GMD Million), 2013-2018
Figure 9: Gambian Life Insurance - Paid Claims (GMD Million), 2009-2013
Figure 10: Gambian Life Insurance - Paid Claims (GMD Million), 2013-2018
Figure 11: Gambian Life Insurance - Incurred Loss (GMD Million), 2009-2013
Figure 12: Gambian Life Insurance - Incurred Loss (GMD Million), 2013-2018
Figure 13: Gambian Life Insurance - Loss Ratio (%), 2009-2013
Figure 14: Gambian Life Insurance - Loss Ratio (%), 2013-2018
Figure 15: Gambian Life Insurance - Combined Ratio (%), 2009-2013
Figure 16: Gambian Life Insurance - Combined Ratio (%), 2013-2018
Figure 17: Gambian Life Insurance - Total Assets (GMD Million), 2009-2013
Figure 18: Gambian Life Insurance - Total Assets (GMD Million), 2013-2018
Figure 19: Gambian Life Insurance - Retentions (GMD Million), 2009-2013
Figure 20: Gambian Life Insurance - Retentions (GMD Million), 2013-2018
Figure 21: Gambian Life Insurance - Penetration (Percentage of GDP), 2009-2013
Figure 22: Gambian Life Insurance - Premium per Capita (GMD), 2009-2013
Figure 23: Gambian Non-Life Insurance - Gross Written Premium by Category (GMD Million), 2009-2018
Figure 24: Gambian Non-Life Insurance - Gross Written Premium by Category (%), 2013 and 2018
Figure 25: Gambian Non-Life Insurance - Gross Written Premium Dynamics by Category, 2009-2018
Figure 26: Gambian Non-Life Insurance - Direct Written Premium by Category (GMD Million), 2009-2018
Figure 27: Gambian Non-Life Insurance - Direct Written Premium by Category (%), 2013 and 2018
Figure 28: Gambian Non-Life Insurance - Direct Written Premium Dynamics by Category, 2009-2018
Figure 29: Gambian Non-Life Insurance - Paid Claims (GMD Million), 2009-2013
Figure 30: Gambian Non-Life Insurance - Paid Claims (GMD Million), 2013-2018
Figure 31: Gambian Non-Life Insurance - Incurred Loss (GMD Million), 2009-2013
Figure 32: Gambian Non-Life Insurance - Incurred Loss (GMD Million), 2013-2018
Figure 33: Gambian Non-Life Insurance - Loss Ratio (%), 2009-2013
Figure 34: Gambian Non-Life Insurance - Loss Ratio (%), 2013-2018
Figure 35: Gambian Non-Life Insurance - Combined Ratio (%), 2009-2013
Figure 36: Gambian Non-Life Insurance - Combined Ratio (%), 2013-2018
Figure 37: Gambian Non-Life Insurance - Total Assets (GMD Million), 2009-2013
Figure 38: Gambian Non-Life Insurance - Total Assets (GMD Million), 2013-2018
Figure 39: Gambian Non-Life Insurance - Retentions (GMD Million), 2009-2013
Figure 40: Gambian Non-Life Insurance - Retentions (US$ Million), 2013-2018
Figure 41: Gambian Non-Life Insurance - Penetration (Percentage of GDP), 2009-2013
Figure 42: Gambian Non-Life Insurance - Premium per Capita (GMD), 2009-2013
Figure 43: Gambian Property Insurance - Gross Written Premium (GMD Million), 2009-2013
Figure 44: Gambian Property Insurance - Gross Written Premium (GMD Million), 2013-2018
Figure 45: Gambian Motor Insurance - Gross Written Premium (GMD Million), 2009-2013
Figure 46: Gambian Motor Insurance - Gross Written Premium (GMD Million), 2013-2018
Figure 47: Gambian Liability Insurance - Gross Written Premium (GMD Million), 2009-2013
Figure 48: Gambian Liability Insurance - Gross Written Premium (GMD Million), 2013-2018
Figure 49: Gambian Marine, Aviation and Transit Insurance - Gross Written Premium (GMD Million), 2009-2013
Figure 50: Gambian Marine, Aviation and Transit Insurance - Gross Written Premium (GMD Million), 2013-2018
Figure 51: Gambian Personal Accident and Health Insurance - Gross Written Premium (GMD Million), 2009-2013
Figure 52: Gambian Personal Accident and Health Insurance - Gross Written Premium (GMD Million), 2013-2018
Figure 53: Gambian Personal Accident and Health Insurance - Direct Written Premium (GMD Million), 2009-2013
Figure 54: Gambian Personal Accident and Health Insurance - Direct Written Premium (GMD Million), 2013-2018
Figure 55: Gambian Personal Accident and Health Insurance - Paid Claims by Category (GMD Million), 2009-2013
Figure 56: Gambian Personal Accident and Health Insurance - Paid Claims (GMD Million), 2013-2018
Figure 57: Gambian Personal Accident and Health Insurance - Incurred Loss (GMD Million), 2009-2013
Figure 58: Gambian Personal Accident and Health Insurance - Incurred Loss (GMD Million), 2013-2018
Figure 59: Gambian Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Figure 60: Gambian Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Figure 61: Gambian Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Figure 62: Gambian Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Figure 63: Gambian Personal Accident and Health Insurance - Total Assets (GMD Million), 2009-2013
Figure 64: Gambian Personal Accident and Health Insurance - Total Assets (GMD Million), 2013-2018
Figure 65: Gambian Personal Accident and Health Insurance - Retentions (GMD Million), 2009-2013
Figure 66: Gambian Personal Accident and Health Insurance - Retentions (GMD Million), 2013-2018
Figure 67: Gambian Personal Accident and Health Insurance - Penetration (Percentage of GDP), 2009-2013
Figure 68: Gambian Personal Accident and Health Insurance - Premium per Capita (GMD), 2009-2013
Figure 69: Gambian Reinsurance - Ceded by Insurance Segment (GMD Million), 2009-2018
Figure 70: Gambian Reinsurance - Dynamics by Insurance Segment, 2009-2018
Figure 71: Gambian Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 72: Gambian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 73: Gambian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 74: Gambian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 75: Gambian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 76: Gambian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 77: The Gambia - Insurance Regulatory Framework
Figure 78: The Gambia - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 79: Gambian GDP at Constant Prices (US$ Million), 2009-2013
Figure 80: Gambian GDP Per Capita at Current Prices (US$), 2009-2013
Figure 81: Gambian GDP at Current Prices (US$ Million), 2009-2013
Figure 82: Gambian Inflation Rate (%), 2009-2013
Figure 83: Gambian Labor Force (Thousand), 2008-2012
Figure 84: Gambian Total Population (Thousand), 2009-2013

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