Insurance in Equatorial Guinea

Insurance law in Equatorial Guinea is based on the regional CIMA Treaty and the Insurance Code (Code des assurances) of 2019. The regional supervisory authority (CRCA) oversees the insurance market. At national level, the national financial-services directorate (Dirección General de Servicios Financieros y Organismos Económicos Internacionales) operates under the Ministry of Finance, Economy and Planning. Its responsibilities include market data, the preliminary review of licensing applications, the authorization of intermediaries, the monitoring of qualifications and solvency, and the review of policy wording. The national contact point is located in Malabo II. Social insurance is administered through INSESO. Companies and employees must enroll for covered employment and regularly pay the required contributions. Benefits include maternity, medical and pharmaceutical care, temporary incapacity for work, disability, old-age pensions, death and survivor benefits, employment protection, family allowances and social services. Current contribution rates cannot be stated reliably based on the available official research status as of 7 September 2026. A hospital-asset transfer from INSESO to the Ministry of Health planned for September 2026 does not change INSESO's social-protection mandate. Third-party liability insurance is mandatory for motor vehicles, trailers and semi-trailers. Under CIMA law, it covers personal injury and property damage; owners, keepers, drivers and passengers are included according to the statutory rules. The required evidence consists of the insurance certificate and the detachable vehicle registration document. Territorial coverage applies in CIMA member states under the national law applicable in each case. CIMA law also lists import cargo insurance as a mandatory area. In the private market, a local provider of life and capitalization products (VidaSEguros EG) is documented. Its offering includes individual and group life insurance, supplementary retirement provision, life insurance for bank loans, education insurance, funeral benefits, death and permanent-disability coverage, and savings and capitalization products. Premiums are calculated in Central African CFA francs (XAF). Depending on the product, an online calculator uses an age between 18 and 70; this does not establish a general age limit for all contracts. The provider states that it uses international reinsurance. CIMA documents also identify the insurer named in regulatory decisions (CHANAS Assurances GE) in 2020 and 2021, but they do not confirm a current license or present-day intermediary status. CIMA also distinguishes areas such as accident and health, motor vehicles, fire and other property damage, general liability, transport and other direct financial risks. For these products, the specific provider must be authorized. Premiums, deductibles, insured amounts, exclusions, territorial coverage and benefit limits are not fixed generally and must be checked for each policy. A complete current official list of all insurers and intermediaries was not available at the time of research. A policy must regulate, among other things, the contracting parties, the insured person or property, the covered risks, the start and duration, the insured amount, the premium and payment method, tacit renewal, extension and termination, the insured person's obligations, claim notification, the deadline for payment, loss assessment and limitation periods. Clauses concerning nullity, loss of entitlement, automatic termination and exclusions of benefits must be clearly highlighted. When applying, the applicant should state the risks and existing insurance truthfully and pay the agreed premiums on time. Banks, financial institutions, microfinance providers, savings institutions and the post may arrange certain insurance services only through professionally authorized persons. In the event of a loss, the policy usually requires prompt notification. The policy, payment records, photographs or other evidence, as well as police, medical and repair documents where applicable, should be retained. The insurer or an authorized loss adjuster assesses the damage. For CIMA motor-vehicle liability claims involving personal injury, special deadlines apply: the offer must be made no later than twelve months after the accident, or no later than eight months after the death in a fatality. A reasoned response to the claim is due within 30 days; agreed amounts are paid one month after the statutory objection period expires. A delay incurs 5 percent of the compensation per month. These deadlines apply to the special motor-vehicle victim procedure and not automatically to every insurance claim. No separate local ombudsman office is documented in the available research record. For non-life insurance, the policyholder may generally cancel the contract by registered letter at least two months before expiry. Exceptions include individual health insurance, construction insurance and certain non-private risks. If the risk changes, for example because of a change of residence, profession, retirement, cessation of activity or a change in the matrimonial property regime, this must be reported within three months. The change generally takes effect one month after the notification is received; unused premiums must be refunded. If premiums are not paid, the contract may terminate and, under Article 21, additional damages of 25 percent of the net annual premium may be claimed. This rule does not apply to life insurance. After a loss, the insurer may cancel within three months with one month's notice; the unused premium must also be refunded in that case.