The Insurance Industry in Cape Verde, Key Trends and Opportunities to 2022
August 2018
114
About the Report
About the Report
The Insurance Industry in Cape Verde, Key Trends and Opportunities to 2022
Summary
GlobalData's "The Insurance Industry in Cape Verde, Key Trends and Opportunities to 2022" report provides detailed analysis of the market trends, drivers and challenges in the Cape Verdean 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 Cape Verdean 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 Cape Verdean insurance industry, including-
- The Cape Verdean insurance industry's growth prospects by segment and category
- A comprehensive overview of the Cape Verdean economy and demographics
- Details of the competitive landscape in the Cape Verdean insurance industry
- The various distribution channels in the Cape Verdean insurance industry
- Details of regulatory policy applicable to the Cape Verdean insurance industry
- Analysis of natural hazards in the Cape Verdean insurance industry.
Scope
- This report provides a comprehensive analysis of the insurance industry in Cape Verde
- It provides historical values for the Cape Verdean 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 Cape Verdean 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 Cape Verde.
- It profiles the top insurance companies in Cape Verde, 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 Cape Verdean insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Cape Verdean insurance industry.
- Assess the competitive dynamics in the Cape Verdean insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Cape Verdean insurance industry and their impact on companies and the industry's future.
Products
Products
Cape Verdean insurance industry, Life insurance, General insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Travel insurance, Health insurance, Reinsurance
Companies
Garantia Seguros
Impar Seguros
Table of Contents
Table of Contents
Table of Contents
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 Insurance density
4.1.3 Active policies
4.1.4 Paid claims
5 Life Insurance Outlook
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Active policies
5.1.3 Paid claims
5.1.4 Penetration
6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Active policies
6.1.3 Paid claims
6.1.4 Penetration
6.1.5 Loss ratio
6.2 Property Insurance
6.2.1 Gross written premium
6.2.2 Active policies
6.2.3 Penetration
6.2.4 Profitability
6.3 Motor Insurance
6.3.1 Gross written premium
6.3.2 Active policies
6.3.3 Penetration
6.3.4 Claims
6.3.5 Profitability
6.4 Liability Insurance
6.4.1 Gross written premium
6.4.2 Active policies
6.4.3 Penetration
6.4.4 Profitability
6.5 Marine, Aviation and Transit Insurance
6.5.1 Gross written premium
6.5.2 Active policies
6.5.3 Penetration
6.5.4 Profitability
6.6 Personal Accident and Health Insurance
6.6.1 Gross written premium
6.6.2 Active policies
6.6.3 Penetration
6.6.4 Profitability
6.7 Miscellaneous
6.7.1 Gross written premium
6.7.2 Active policies
6.7.3 Penetration
6.7.4 Profitability
7 Reinsurance Outlook
7.1 Premium Ceded
8 Distribution Channel Outlook
9 Natural and Man-Made Hazards
9.1 Flooding
9.2 Volcanoes
9.3 Exposure
10 Competitive Landscape
10.1 Company Profiles
10.1.1 Garantia Seguros-company overview
10.1.2 Impar Seguros-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 Workers' compensation insurance
11.4.3 Liability insurance for ships with respect to oil pollution
11.4.4 Professional indemnity for insurance brokers
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 African Insurance Organization
11.5.3 Bank of Cape Verde
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 Claims and expenses
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Property insurance
12.2.4 Motor insurance
12.2.5 Liability insurance
12.2.6 Marine, aviation and transit insurance
12.2.7 Personal accident and health insurance
12.2.8 Miscellaneous
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 Figure
List of Figures
Figure 1: Cape Verdean Real GDP (CVE Billion), 2013-2022
Figure 2: Cape Verdean Exchange Rate (CVE per USD ), 2013-2022
Figure 3: Cape Verdean Consumer Price Inflation (%), 2013-2022
Figure 4: Cape Verdean Current Account Balance (% of GDP), 2013-2016
Figure 5: Cape Verdean Unemployment Rate, 2013-2022
Figure 6: Cape Verdean Population by Age Group (Thousand), 2013-2021
Figure 7: Cape Verdean Insurance Industry-Gross Written Premium (CVE Billion), 2013-2022
Figure 8: Cape Verdean Insurance Industry-Density (CVE), 2013-2022
Figure 9: Cape Verdean Insurance Industry-Number of Active Policies (Thousand), 2013-2022
Figure 10: Cape Verdean Insurance Industry-Paid Claims (CVE Million), 2013-2022
Figure 11: Cape Verdean Life Insurance-Gross Written Premium (CVE Million), 2013-2022
Figure 12: Cape Verdean Life Insurance-Number of Active Policies (Thousand), 2013-2022
Figure 13: Cape Verdean Life Insurance-Paid Claims (CVE Million), 2013-2022
Figure 14: Cape Verdean Life Insurance-Penetration (%), 2013-2017
Figure 15: Cape Verdean Life Insurance-Penetration (%), 2017-2022
Figure 16: Cape Verdean General Insurance-Gross Written Premium (CVE Billion), 2013-2022
Figure 17: Cape Verdean General Insurance-Number of Active Policies (Thousand), 2013-2022
Figure 18: Cape Verdean General Insurance-Paid Claims (CVE Million), 2013-2022
Figure 19: Cape Verdean General Insurance-Penetration (%), 2013-2017
Figure 20: Cape Verdean General Insurance-Penetration (%), 2017-2022
Figure 21: Cape Verdean General Insurance-Loss Ratio (%), 2013-2017
Figure 22: Cape Verdean General Insurance-Loss Ratio (%), 2017-2022
Figure 23: Cape Verdean Property Insurance-Gross Written Premium (CVE Million), 2013-2022
Figure 24: Cape Verdean Property Insurance-Number of Active Policies (Thousand), 2013-2022
Figure 25: Cape Verdean Property Insurance-Penetration (%), 2013-2017
Figure 26: Cape Verdean Property Insurance-Penetration (%), 2017-2022
Figure 27: Cape Verdean Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (CVE Million and %), 2013-2022
Figure 28: Cape Verdean Motor Insurance-Gross Written Premium (CVE Billion), 2013-2022
Figure 29: Cape Verdean Motor Insurance-Number of Active Policies (Thousand), 2013-2022
Figure 30: Cape Verdean Motor Insurance-Penetration (%), 2013-2017
Figure 31: Cape Verdean Motor Insurance-Penetration (%), 2017-2022
Figure 32: Cape Verdean Motor Insurance-Paid Claims (CVE Million), 2013-2022
Figure 33: Cape Verdean Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (CVE Million and %), 2013-2022
Figure 34: Cape Verdean Liability Insurance-Gross Written Premium (CVE Million), 2013-2022
Figure 35: Cape Verdean Liability Insurance-Number of Active Policies (Thousand), 2013-2022
Figure 36: Cape Verdean Liability Insurance-Penetration (%), 2013-2017
Figure 37: Cape Verdean Liability Insurance-Penetration (%), 2017-2022
Figure 38: Cape Verdean Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (CVE Million and %), 2013-2022
Figure 39: Cape Verdean Marine, Aviation and Transit Insurance-Gross Written Premium (CVE Million), 2013-2022
Figure 40: Cape Verdean Marine, Aviation and Transit Insurance-Number of Active Policies (Thousand), 2013-2022
Figure 41: Cape Verdean Marine, Aviation and Transit Insurance-Penetration (%), 2013-2017
Figure 42: Cape Verdean Marine, Aviation and Transit Insurance-Penetration (%), 2017-2022
Figure 43: Cape Verdean Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (CVE Million and %), 2013-2022
Figure 44: Cape Verdean Personal Accident and Health Insurance-Gross Written Premium (CVE Million), 2013-2022
Figure 45: Cape Verdean Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2013-2022
Figure 46: Cape Verdean Personal Accident and Health Insurance-Penetration (%), 2013-2017
Figure 47: Cape Verdean Personal Accident and Health Insurance-Penetration (%), 2017-2022
Figure 48: Cape Verdean Personal Accident and Health Insurance-Earned Premium, Incurred Loss and Loss Ratio (CVE Million and %), 2013-2022
Figure 49: Cape Verdean Miscellaneous-Gross Written Premium (CVE Million), 2013-2022
Figure 50: Cape Verdean Miscellaneous-Number of Active Policies (Thousand), 2013-2022
Figure 51: Cape Verdean Miscellaneous-Penetration (%), 2013-2017
Figure 52: Cape Verdean Miscellaneous-Penetration (%), 2017-2022
Figure 53: Cape Verdean Miscellaneous-Earned Premium, Incurred Loss and Loss Ratio (CVE Million and %), 2013-2022
Figure 54: Cape Verdean Reinsurance-Premium Ceded by Insurance Segment (CVE Million), 2013-2022
Figure 55: Cape Verdean Life Insurance-Percentage of Reinsurance Ceded (%), 2013-2022
Figure 56: Cape Verdean General Insurance-Percentage of Reinsurance Ceded (%), 2013-2022
Figure 57: Cape Verde-Insurance Supervision and Control at Various Levels
Figure 58: Cape Verde-Insurance Regulatory Frameworks for Company Registration and Operation
List of Table
List of Tables
Table 1: Cape Verdean Insurance Industry-Key Facts, 2017
Table 2: Cape Verdean Insurance Industry-Leading Insurers, 2017
Table 3: Cape Verdean Government Credit Ratings
Table 4: Cape Verdean Insurance Industry-Gross Written Premium (CVE Billion and USD Million), 2013-2017
Table 5: Cape Verdean Insurance Industry-Gross Written Premium (CVE Billion and USD Million), 2017-2022
Table 6: Cape Verdean Insurance Industry-Density (CVE), 2013-2017
Table 7: Cape Verdean Insurance Industry-Density (CVE), 2017-2022
Table 8: Cape Verdean Insurance Industry-Number of Active Policies (Thousand), 2013-2017
Table 9: Cape Verdean Insurance Industry-Number of Active Policies (Thousand), 2017-2022
Table 10: Cape Verdean Insurance Industry-Paid Claims (CVE Million and USD Million), 2013-2017
Table 11: Cape Verdean Insurance Industry-Paid Claims (CVE Million and USD Million), 2017-2022
Table 12: Cape Verdean Life Insurance-Gross Written Premium (CVE Million and USD Million), 2013-2017
Table 13: Cape Verdean Life Insurance-Gross Written Premium (CVE Million and USD Million), 2017-2022
Table 14: Cape Verdean Life Insurance-Number of Active Policies (Thousand), 2013-2017
Table 15: Cape Verdean Life Insurance-Number of Active Policies (Thousand), 2017-2022
Table 16: Cape Verdean Life Insurance-Paid Claims (CVE Million and USD Million), 2013-2017
Table 17: Cape Verdean Life Insurance-Paid Claims (CVE Million and USD Million), 2017-2022
Table 18: Cape Verdean General Insurance-Gross Written Premium (CVE Billion and USD Million), 2013-2017
Table 19: Cape Verdean General Insurance-Gross Written Premium (CVE Billion and USD Million), 2017-2022
Table 20: Cape Verdean General Insurance-Number of Active Policies (Thousand), 2013-2017
Table 21: Cape Verdean General Insurance-Number of Active Policies (Thousand), 2017-2022
Table 22: Cape Verdean General Insurance-Paid Claims (CVE Million and USD Million), 2013-2017
Table 23: Cape Verdean General Insurance-Paid Claims (CVE Million and USD Million), 2017-2022
Table 24: Cape Verdean Property Insurance-Gross Written Premium (CVE Million and USD Million), 2013-2017
Table 25: Cape Verdean Property Insurance-Gross Written Premium (CVE Million and USD Million), 2017-2022
Table 26: Cape Verdean Property Insurance-Number of Active Policies (Thousand), 2013-2017
Table 27: Cape Verdean Property Insurance-Number of Active Policies (Thousand), 2017-2022
Table 28: Cape Verdean Property Insurance-Loss Ratio (%), 2013-2017
Table 29: Cape Verdean Property Insurance-Loss Ratio (%), 2017-2022
Table 30: Cape Verdean Motor Insurance-Gross Written Premium (CVE Billion and USD Million), 2013-2017
Table 31: Cape Verdean Motor Insurance-Gross Written Premium (CVE Billion and USD Million), 2017-2022
Table 32: Cape Verdean Motor Insurance-Number of Active Policies (Thousand), 2013-2017
Table 33: Cape Verdean Motor Insurance-Number of Active Policies (Thousand), 2017-2022
Table 34: Cape Verdean Motor Insurance-Paid Claims (CVE Million and USD Million), 2013-2017
Table 35: Cape Verdean Motor Insurance-Paid Claims (CVE Million and USD Million), 2017-2022
Table 36: Cape Verdean Motor Insurance-Loss Ratio (%), 2013-2017
Table 37: Cape Verdean Motor Insurance-Loss Ratio (%), 2017-2022
Table 38: Cape Verdean Liability Insurance-Gross Written Premium (CVE Million and USD Million), 2013-2017
Table 39: Cape Verdean Liability Insurance-Gross Written Premium (CVE Million and USD Million), 2017-2022
Table 40: Cape Verdean Liability Insurance-Number of Active Policies (Thousand), 2013-2017
Table 41: Cape Verdean Liability Insurance-Number of Active Policies (Thousand), 2017-2022
Table 42: Cape Verdean Liability Insurance-Loss Ratio (%), 2013-2017
Table 43: Cape Verdean Liability Insurance-Loss Ratio (%), 2017-2022
Table 44: Cape Verdean Marine, Aviation and Transit Insurance-Gross Written Premium (CVE Million and USD Million), 2013-2017
Table 45: Cape Verdean Marine, Aviation and Transit Insurance-Gross Written Premium (CVE Million and USD Million), 2017-2022
Table 46: Cape Verdean Marine, Aviation and Transit Insurance-Number of Active Policies (Thousand), 2013-2017
Table 47: Cape Verdean Marine, Aviation and Transit Insurance-Number of Active Policies (Thousand), 2017-2022
Table 48: Cape Verdean Marine, Aviation and Transit Insurance-Loss Ratio (%), 2013-2017
Table 49: Cape Verdean Marine, Aviation and Transit Insurance-Loss Ratio (%), 2017-2022
Table 50: Cape Verdean Personal Accident and Health Insurance-Gross Written Premium (CVE Million and USD Million), 2013-2017
Table 51: Cape Verdean Personal Accident and Health Insurance-Gross Written Premium (CVE Million and USD Million), 2017-2022
Table 52: Cape Verdean Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2013-2017
Table 53: Cape Verdean Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2017-2022
Table 54: Cape Verdean Personal Accident and Health Insurance-Loss Ratio (%), 2013-2017
Table 55: Cape Verdean Personal Accident and Health Insurance-Loss Ratio (%), 2017-2022
Table 56: Cape Verdean Miscellaneous-Gross Written Premium (CVE Million and USD Million), 2013-2017
Table 57: Cape Verdean Miscellaneous-Gross Written Premium (CVE Million and USD Million), 2017-2022
Table 58: Cape Verdean Miscellaneous-Number of Active Policies (Thousand), 2013-2017
Table 59: Cape Verdean Miscellaneous-Number of Active Policies (Thousand), 2017-2022
Table 60: Cape Verdean Miscellaneous-Loss Ratio (%), 2013-2017
Table 61: Cape Verdean Miscellaneous-Loss Ratio (%), 2017-2022
Table 62: Cape Verdean Reinsurance-Premium Ceded by Insurance Segment (CVE Million), 2013-2017
Table 63: Cape Verdean Reinsurance-Premium Ceded by Insurance Segment (CVE Million), 2017-2022
Table 64: Congolese Insurance Industry-Leading Insurers, 2017
Table 65: Garantia Seguros-Key Facts
Table 66: Impar Seguros-Key Facts
Table 67: Cape Verde-Insurance Regulatory Framework Key Features
Table 68: Cape Verde-Life Insurance Regulatory Framework
Table 69: Cape Verde-Property Insurance Regulatory Framework
Table 70: Cape Verde-Motor Insurance Regulatory Framework
Table 71: Cape Verde-Liability Insurance Regulatory Framework
Table 72: Cape Verde-Motor Vehicle Rating Tariffs
Table 73: Cape Verde-Percentage of Reversal of Motor Insurance Premium
Table 74: Cape Verde-Minimum Capital Requirements
Table 75: Cape Verde- Corporate Tax Rates for the Financial Year 2017
Table 76: Cape Verdean Life Insurance-Policies and Premium, 2013-2017
Table 77: Cape Verdean Life Insurance-Policies and Premium, 2017-2022
Table 78: Cape Verdean Life Insurance-Claims and Expenses, 2013-2017
Table 79: Cape Verdean Life Insurance-Claims and Expenses, 2017-2022
Table 80: Cape Verdean General Insurance-Policies and Premium, 2013-2017
Table 81: Cape Verdean General Insurance-Policies and Premium, 2017-2022
Table 82: Cape Verdean General Insurance-Claims and Expenses, 2013-2017
Table 83: Cape Verdean General Insurance-Claims and Expenses, 2017-2022
Table 84: Cape Verdean General Insurance-Property Insurance, 2013-2017
Table 85: Cape Verdean General Insurance-Property Insurance, 2017-2022
Table 86: Cape Verdean General Insurance-Motor Insurance, 2013-2017
Table 87: Cape Verdean General Insurance-Motor Insurance, 2017-2022
Table 88: Cape Verdean General Insurance-Liability Insurance, 2013-2017
Table 89: Cape Verdean General Insurance-Liability Insurance, 2017-2022
Table 90: Cape Verdean General Insurance-Marine, Aviation and Transit Insurance, 2013-2017
Table 91: Cape Verdean General Insurance-Marine, Aviation and Transit Insurance, 2017-2022
Table 92: Cape Verdean General Insurance-Personal Accident and Health Insurance, 2013-2017
Table 93: Cape Verdean General Insurance-Personal Accident and Health Insurance, 2017-2022
Table 94: Cape Verdean General Insurance-Miscellaneous, 2013-2017
Table 95: Cape Verdean General Insurance-Miscellaneous, 2017-2022
Table 96: Insurance Industry Definitions
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