Insurance in Guinea

Guinea has a direct national insurance market governed by Loi L/2016/034/AN, the national Code des assurances. The BCRG, through its Direction de Supervision des Assurances, supervises the sector. The Comité des Agréments authorizes insurance companies, managers and auditors. An insurer may operate only after receiving an agrément, meaning official authorization, and only for the insurance branches covered by that authorization. Insurance documents should show the authorization number and the RCCM business-registration reference. Tariffs and policy forms are submitted to the BCRG before use; a tariff visa is valid for no more than three months from submission. Guinea is not listed as a member of CIMA, so CIMA rules should not be assumed to apply to Guinea. The detailed official market snapshot available for 2022 recorded 16 authorized insurers: 4 life insurers and 12 non-life insurers. The market also had 73 agent representatives, 59 insurance and reinsurance brokerage companies or offices, and 133 direct offices. Banks and microfinance institutions distribute some products through bancassurance and microinsurance. Total turnover was GNF 829.58 billion, an annual increase of 16.8%. Non-life business, reported as IARDT, represented 76.15% of premiums, while life and capitalization products represented 23.85%. Insurance density was about GNF 66,012, or approximately USD 7, per person, and four market leaders accounted for about 70% of premiums. The latest insurer list and market figures should be checked with the BCRG because the detailed snapshot is from 2022. Private insurance includes motor third-party liability, fire and other property damage, business and professional liability, transport and import cover, accident cover and some health products. Life and capitalization products can provide supplementary retirement savings, personal protection or capital formation. The Code des assurances also covers personal, property, liability, agricultural and compulsory insurance. Microinsurance, bancassurance, agricultural insurance, takaful and credit or surety insurance are present as fragmented or developing areas rather than uniformly available products. Motor third-party liability is compulsory for motor vehicles. Insurance for imported goods and merchandise is also required under D/2019/018/PRG/SGG. Other compulsory cases depend on the current Code des assurances and the specific rule applying to the activity or transaction. Unless an express exception applies, the policy should come from an authorized local insurer. A policy comparison should record the insured branch, covered risks, exclusions, deductible or franchise, insured sum, premium, renewal terms and claims channel. There is no single universal premium: the price depends on the contract, insured value, risk and policy conditions. A claim normally starts with the insurer or broker. Depending on the event, the insurer may involve an expert, doctor or investigator. The Fonds de Garantie Automobile (FGA) can be relevant when the motor vehicle causing damage is unidentified or its insurer or owner cannot pay. The Carte Brune system can matter for a cross-border motor accident within the ECOWAS area. Guinea also has IRA/recours arrangements for relevant motor claims and recovery procedures. The BCRG supervises insurers but is not the ordinary first reporting channel for an individual claim. Digitalization of motor insurance certificates was announced in 2025, but its operational status is not confirmed by the available material. For liability insurance, payment generally goes to the injured third party until that party has been compensated. Claims based on an insurance contract generally prescribe after two years, while some life-insurance claims have a five-year period under applicable conditions. The contract duration is agreed by the parties. A contract lasting more than three years can generally be terminated after three years with three months' notice, subject to the rules for personal insurance. The wording of the local policy remains decisive for notice, exclusions, proof and settlement. The Caisse Nationale de Sécurité Sociale (CNSS) is Guinea's public social-insurance system for salaried employees in the private and parapublic sectors. Its branches cover family benefits, health insurance, occupational risks, and old age, invalidity and death. Technical supervision involves the Ministère du Travail et de la Fonction Publique, while financial supervision involves the Ministère de l'Économie et des Finances. CNSS is social insurance rather than a private insurer. An employer generally registers with the CNSS within eight days of opening or acquiring a business or hiring the first employee. The e-CNSS service supports online salary declarations and contribution payments. Employees and dependants qualify according to the rules of the relevant branch. The reviewed CNSS material did not establish an equivalent standard CNSS access arrangement for public servants, self-employed workers or people in the informal sector. For CNSS contributions, the assessment base ranges from GNF 550,000 to GNF 2,500,000. The total contribution rate is 23%, consisting of 18% for the employer and 5% for the employee. The stated branch rates are 6% for family benefits, 4% for occupational accidents and diseases, 6.5% for health insurance, and 6.5% for old age, invalidity and death. Payment is generally due within 15 days after the relevant month or quarter. Employers with at least 20 employees pay monthly; employers with fewer than 20 employees pay quarterly or may pay monthly. Late payment attracts 5% for each month or part of a month. CNSS health coverage includes the employee, a spouse and a dependent child under 17, subject to the branch conditions. The employee generally needs three months of work or contributions in the preceding quarter. CNSS pays 70% of pharmaceutical expenses, with 30% as the user's co-payment, and covers long-term or costly illness at 100% under the applicable rules. A daily allowance can equal 50% of the average daily wage when the employer does not pay the employee. Old-age retirement generally requires 180 months, or 15 years, of contributory activity, the applicable legal age and definitive cessation of work. The age threshold depends on the category and may be 55, 60 or 65 years. Invalidity benefits generally require 60 months, or five years, of CNSS coverage. In a death case, the allocation is three times the last contributory monthly wage; survivor benefits are stated as 50% for a spouse, 10% for each half-orphan and 20% for a full orphan. For an occupational accident or disease, the worker or dependants should report the event to the employer within 24 hours. The employer should report it to the CNSS and the Labour Inspector within 48 hours. The employer provides first aid, transport and the required carnet. Benefits can include medical treatment, prostheses, rehabilitation and daily cash payments. With incapacity below 15%, the benefit is paid as a buyout; at 15% or more, it is generally a lifetime pension. A death case can produce survivor pensions and funeral-cost payments.