AISL Executive Summary
Cabo Verde obtient un score AISL ajusté de 36.4/100 (restrictif). Le marché de l'assurance y pesait 41 millions $ en 2025, pour une pénétration de 1.5% du PIB. Une cession obligatoire s'applique aux réassureurs étrangers (Africa Re 5% (base Union Africaine, presume)).
Summary written from available AISL data, some of which is estimated due to a lack of official public sources. Not an opinion, a starting point for analysis.
Economy
Capital
Praia
Population
Not documented
GDP
$2.7 B
Currency
CVE
Insurance market
Market size
$41 M
Penetration
1.5%
Density / capita
Not documented
Growth (GDP proxy)
4.5%
Regulatory framework
Regulatory openness
RestrictiveCompulsory cession
Yes
Africa Re 5% (base Union Africaine, presume)
Active friction mechanisms
1 / 7
Reference year
2025
AISL Score
Market with limited public documentation: underlying market data relies partly or fully on estimation, due to a lack of accessible official figures. Should be treated with caution.
Base score
39.8
Adjusted score (friction)
36.4
Regulatory access
86/100
Methodology breakdown
AISL recommendation: AVOID / HIGH RISK
AISL Score Badge
Show the Cabo Verde score — live — on your own site, in a deck or an email signature. The image updates automatically with every score revision, nothing to redo on your end.
- 1Copy the code below
- 2Paste it into your site, email or document
- 3The badge displays, always up to date
Similar markets
Structurally close profiles to Cabo Verde, computed on market size, growth, sector structure, environment and founder judgment.
Market (2025)
Total premiums
$41.0M
Penetration
1.5%
Density / capita
Not documented
Growth
—
Number of insurers
—
International comparison
This market is -76% versus the OECD average (6.2% of GDP, 2024) and -72% versus the average across all reporting jurisdictions (5.4%, 2024).
Source: OECD, Global Insurance Market Trends 2025. These averages cover jurisdictions reporting to the OECD, not an exhaustive global sample.
Source: Estimation par penetration (economie insulaire stable, tourisme) x PIB, juillet 2026
Macroeconomic context (2024)
GDP
$2.7 B
GDP growth
4.5%
Population
—
Inflation
2.5%
Currency
CVE
Source: Estimation regionale AfDB SSA (pas de chiffre pays direct trouve), juillet 2026
Regulatory mechanisms
Africa Re 5% (base Union Africaine, presume)
Source: Recherche web juillet 2026 - PAS de source GRF dediee
What this market requires at entry
1 active regulatory mechanism on this market, with what each one concretely means for entering Cabo Verde.
"What If" Simulator
Each active friction mechanism removes 3.4 points from this market's score (base score: 39.8, before regulatory friction). Uncheck a mechanism below to simulate its removal and see how many points this market would regain — using the exact AISL scoring formula.
Simulated score
36.4
1 mechanism active (1 × 3.4 = −3.4 pts)
Market players
2 companies, 2024 premiums in USD millions
Market concentration
ConcentratedHHI 531250
Leader: Garantia - Companhia de Seguros de Cabo Verde, SA (62.5%) — 2 companies
HHI = Herfindahl-Hirschman Index, a standard market concentration measure (sum of squared shares). <1500 = competitive, 1500-2500 = moderately concentrated, >2500 = concentrated.
Segment Non-Life (2 companies)
| Company | 2024 premiums (M$) | Market share | Change | 2025(estimated) | 2026(estimated) | 2027(estimated) | 2028(estimated) |
|---|---|---|---|---|---|---|---|
| Garantia - Companhia de Seguros de Cabo Verde, SA | 25.0 | 62.5% | +0.0% | 26.0 | 27.1 | 28.3 | 29.4 |
| IMPAR - Companhia Caboverdiana de Seguros, SARL | 15.0 | 37.5% | -0.1% | 14.1 | 13.2 | 12.4 | 11.6 |
Market share: official source figure when available, otherwise computed from the companies listed for this segment (not necessarily 100% of the country's total market). The 2025-2028 columns, in italics, are projections: never a blank cell, but the color indicates the reliability of the method used: gray = company-specific growth rate, amber = failing that, the country's market growth, orange = failing that, the country's GDP growth, light red = no growth data available, flat 0% by default.
Active reinsurers
9 reinsurers (national + regional operating in this zone), 2021 revenue in USD millions
| Reinsurer | Scope | Revenue 2021 (M$) | Net income (M$) | Observed growth | 2022(est.) | 2023(est.) | 2024(est.) | 2025(est.) | 2026(est.) | 2027(est.) | 2028(est.) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ghana Re - Kenya | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re - Zimbabwe | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re | Regional | — | — | — | — | — | — | — | — | — | — |
| CICA - Re | Regional | — | — | — | — | — | — | — | — | — | — |
| Waica Re - Kenya | Regional | — | — | — | — | — | — | — | — | — | — |
| WAICA Re - Zimbabwe | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re (PTA Reinsurance Co) | Regional | 213.0 | 18.1 | +2.3% | 218.0 | 223.0 | 228.0 | 233.2 | 238.6 | 244.0 | 249.6 |
| CICA-RE | Regional | 176.2 | 13.4 | +11.3% | 196.1 | 218.3 | 243.0 | 270.6 | 301.3 | 335.5 | 373.7 |
| WAICA Re | Regional | 153.3 | 19.9 | +49.5% | 229.5 | 343.3 | 513.5 | 768.1 | 1148.9 | 1719.1 | 2572.0 |
Source: Atlas Magazine, Reinsurance Yearbook 2023. Last real data available: fiscal year 2021 (left-hand columns). The "2028 revenue (estimated)" column, in italic gray, is a projection based solely on the growth rate observed between 2020 and 2021 (capped between -30% and +50%/year); this is not an observed figure and should be treated with caution, particularly for companies with volatile or negative net income.
AISL Summary
- AISL positioning: 36/100, "Restrictive" market.
- Insurance market: $41M, fiscal year 2025.
- Main entry barrier: compulsory cession (Africa Re 5% (base Union Africaine, presume)).
- Sits 4.3 points above the regional average (15 scored markets).
Regional comparison
Average adjusted score in West Africa : 32.1 (out of 15 scored markets)
Cabo Verde is 4.3 points above the regional average