Insurance Industry in The Gambia

Brief History

The regulation and supervision of insurance business was directly under the Ministry of Finance as empowered by the 1974 Act. However, the responsibility for the administration of the Act was given to the Ministry of Justice, to ensure compliance. With a desk officer appointed to be in charge of insurance matters at the Finance Ministry, this responsibility was returned to that Ministry. An increase in the number of insurance companies necessitated the appointment of commissioner of insurance at the then Ministry of Finance in 1995. In a bid to improve the efficiency of the financial system in the Gambia, the Central Bank was empowered by the 1997 constitution to assume the regulation and supervision of insurance institutions.

Initially there were two insurance companies operating in The Gambian market. These were the Gambia national Insurance Company Limited and the Northern Assurance Company. The latter was foreign owned in large measure but was later transformed into a wholly locally owned insurance company and has since then been renamed Capital Insurance Company limited. Senegambia Insurance Company Limited was set up in 1981 but discontinued operations in 1996.

Presently there are eleven insurance companies operating in The Gambia These are companies are:

 Gambia National Insurance Company Ltd
  19 Kairaba Avenue, Serrekunda
  Telephone: 4395725, 4396508
  Fax: 4395716
  E-mail: info@gnic.gm

 Great Alliance Insurance Company Ltd
  10 Nelson Mandela Street, Banjul
  Telephone: 4227839 4223352, and 4226772
  Fax: 4229444
  E-mail: gaic@great-alliance.com

 Capital Insurance Company Ltd
  22 Serign Modou Sillah Street, Banjul
  Telephone: 4227480, 4226980, and 4228544
  Fax: 4229219
  E-mail: capinsur@gamtel.gm

 Gamstar Insurance Company Ltd
  79 Daniel Goddard Street, Banjul
  Telephone: 4226021, 4225257
  Fax: 4229755
  E-mail: bnfaal@qanet.gm

 Global Security Insurance Company Ltd
  Independence Drive, Banjul
  Telephone: 4223716
  Fax: 4223715
  E-mail: global@gamtel.gm

  Prime Insurance Company Ltd
 New Vision Insurance Company Ltd
  Telephone: +220 4223045, +220 4223046
  Fax: +220 422 30 40
  E:mail: info@newvision.gm

 Londongate Insurance Company Ltd
  NTC Building, 1 Liberation Avenue, P.O. Box 602, Banjul
  Telephone: +220 4201740, +220 4201741
  Fax: +220 4201742

 Gamstar Life and Health Assurance Company Ltd

 Sunshine Insurance Company Ltd
  7/8 Nelson Mandela Street, Banjul
  Telephone: 4202645/6
  Fax: 4202648
  E-mail: sunshine.insurance@qanet.gm

♦ International Insurance Company Ltd
  5 OAU Boulevard (Duwa Jabbi building)
  P.O.Box 1254,Banjul
  Telephone: 4202761
  Fax: 4202763
  E-mail: iic@gamtel.gm

 Takaful Gambia Limited
  22 Serign Modou Sillah Street, Banjul
  Telephone: 4227480, 4226980, and 4228544
  Fax: 4229219
  E-mail: info@takaful.gm

With the exception of Gamstar Life and Health Assurance Company Ltd, Gambia National Insurance Company Ltd and Great Alliance Insurance Company Ltd all these companies operate only non-life insurance. Gamstar Life and Health Assurance Company Ltd is the first separate subsidiary insurance company operating only life and long term insurance in The Gambia.

The need to update the insurance Act 1974 led The Central Bank of The Gambia to substantially revamp its provisions, so that we now have the insurance Act 2003. The Regulation created under the present Act is now being finalised.

This Regulations set out the basic requirements such as paid up capital, deposits for every class of business, the amount of solvency margin and components of its calculation as well as investment requirements amongst others.

Also download in PDF format  The Insurance Act, 2003: -
http://cbg.gm/finance_systems/pdf/insurance-act2001.pdf