Insurance in Gambia

The Gambian insurance market operates under the Insurance Act 2003, the Insurance Regulations 2005 and the Insurance Amendment Act 2006, which also provides for Takaful, an Islamic insurance arrangement based on shared contributions and mutual protection. The Central Bank of The Gambia, usually called the CBG, currently supervises insurance through its Insurance Supervision Department. An independent Insurance Commission was reportedly being developed in the latest cited authority status from September 2025, but its later operational status is not confirmed by the available research. Market information for 2024 identifies 15 insurers, although published sources differ on the number of Islamic operators: the WTO and authority material refer to five, while the CBG annual report refers to four Takaful operators. The market includes 11 general or non-life insurers, four life or long-term insurers, seven brokers and no registered reinsurer. About 72% of insurers are locally owned and 28% have mixed ownership. An insurer requires at least GMD 15 million in capital. A broker requires at least GMD 100,000 in capital and GMD 25,000 in government securities deposited with the CBG. Non-life products include motor third-party liability, third-party fire and theft, comprehensive motor cover, fire and property insurance, marine cargo and hull insurance, professional indemnity, product liability, public liability, employers' liability, contractors' and erection all-risk cover, electronic equipment and machinery all-risk cover, travel insurance and accident insurance. Life and long-term products include funeral cover, key-person cover, group life, credit or mortgage protection, whole life, endowment, term life and profit or bonus products. Premiums are generally set by the market. The CBG sets or checks the compulsory motor third-party premium, and the policy terms determine the remaining cover, exclusions, limits and claim requirements. The identified compulsory or required areas include professional indemnity, marine liability, social security, motor third-party liability and insurance for imported goods. Customs documentation for imported goods can require an insurance invoice. The ECOWAS Brown Card provides a regional mechanism for motor third-party liability when a vehicle travels across participating West African countries. Commercial insurance normally requires a licence for the insurance company, and customers can deal with a licensed insurer, broker, agent or loss adjuster. Social insurance is not organised as one universal system. The Social Security and Housing Finance Corporation, known as the SSHFC, administers formal-sector schemes including the Federated Pension Fund, the National Provident Fund and the Industrial Injuries Compensation Fund. The Federated Pension Scheme pays an old-age pension that continues until death and uses an employer contribution of 15% of gross salary. The National Provident Fund uses 15% of basic salary, divided into 10% from the employer and 5% from the employee. The Industrial Injuries Compensation Fund is employer-financed at 1% of gross salary, subject to a maximum of GMD 15 per month. The legal retirement age is 60. The Industrial Injuries Compensation Fund is based on the Injuries Compensation Act 1990 and has operated formally since July 1996. It covers government, public enterprises, the private sector and local government, but excludes casual and piece-work employees, domestic workers, family members living in the employer's household, out workers and military personnel. The SSHFC and the Labour Department administer the process. After an accident, the employer or supervisor reports the incident, and the employer reports it to the Commissioner of Injuries. An employee who was not registered can still pursue a claim after the employment relationship is formally regularised. Employers and employees register with the SSHFC using SS1 and Industrial Injuries Compensation Fund forms. Common supporting documents include an identity document or birth certificate, an Alkalo attestation and a passport photograph. People outside mandatory SSHFC coverage may have access to voluntary registration, depending on the applicable scheme and acceptance by the SSHFC. For a private claim, notify the insurer or licensed broker immediately and provide the policy details, loss information and available evidence. The insurer may appoint a loss adjuster to assess the damage. Deadlines and required documents depend on the policy, and no general public claims-service deadline has been established in the available research. There is also no confirmed independent insurance ombudsman. A written complaint should first go to the insurer or broker; unresolved matters can then be taken to the CBG Insurance Supervision Department. Changing or ending cover depends on the policy terms, renewal provisions and premium status. The rule that no premium means no cover makes payment records decisive. No single public cancellation period has been established for all policies, so the policy wording and written confirmation from the insurer should be checked before a renewal date or replacement policy. Informal support through extended-family transfers, community groups, Kafo, Osusu, Zakat and NGO or state cash or in-kind assistance can help with shocks, but these arrangements are not legally enforceable insurance policies and may not provide enough funds for a major loss. Insurance penetration remains low: available figures place it at about 0.4% from 2021 to 2024, while insurance assets represent about 1.3% of the financial sector. Low incomes, limited awareness and innovation gaps, and the small number of compulsory products restrict wider use. Health-risk protection through the National Health Insurance Scheme and National Health Insurance Authority, including licensing of private health schemes under the NHIS Act 2021, belongs primarily to the health sector rather than this insurance framework.