AISL Executive Summary
Avec un score AISL ajusté de 37.3/100, Equatorial Guinea se classe dans la catégorie « restrictif ». En 2022, le marché assurantiel local représentait 53 millions $ (0.4% de pénétration), avec une croissance annuelle de 16.1%. Une cession obligatoire s'applique aux réassureurs étrangers (CICA-RE 20% + Africa Re 5% (base CIMA)). Le marché applique par ailleurs une exigence de capacité locale.
Summary written from verified AISL data, not an opinion, a starting point for analysis.
Economy
Capital
Malabo
Population
Not documented
GDP
$12.8 B
Currency
XAF
Insurance market
Market size
$53 M
Penetration
0.4%
Density / capita
Not documented
Market growth
16.1%
Regulatory framework
Regulatory openness
RestrictiveCompulsory cession
Yes
CICA-RE 20% + Africa Re 5% (base CIMA)
Active friction mechanisms
2 / 7
Reference year
2022
AISL Score
Base score
44.1
Adjusted score (friction)
37.3
Regulatory access
72/100
Methodology breakdown
AISL recommendation: AVOID / HIGH RISK
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Similar markets
Structurally close profiles to Equatorial Guinea, computed on market size, growth, sector structure, environment and founder judgment.
Market (2022)
Total premiums
$53.0M
Penetration
0.4%
Density / capita
Not documented
Growth
16.1%
Number of insurers
—
International comparison
This market is -94% versus the OECD average (6.2% of GDP, 2024) and -93% versus the average across all reporting jurisdictions (5.4%, 2024).
Source: OECD, Global Insurance Market Trends 2025. These averages cover jurisdictions reporting to the OECD, not an exhaustive global sample.
Source: CIMA - Rapport annuel Exercice 2022 (cima-afrique.org), non-vie exact (20 662M FCFA, +16,1%) + vie estimee au ratio moyen zone CIMA (36,3%), conversion 1$=612,30 FCFA - remplace l'estimation precedente
Macroeconomic context (2024)
GDP
$12.8 B
GDP growth
-6.0%
Population
—
Inflation
3.1%
Currency
XAF
Source: AfDB Equatorial Guinea Economic Outlook, juillet 2026
Regulatory mechanisms
CICA-RE 20% + Africa Re 5% (base CIMA)
Source: CIMA Code des assurances, etude Heliyon 2024, AfDB Equatorial Guinea Outlook, juillet 2026
What this market requires at entry
2 active regulatory mechanisms on this market, with what each one concretely means for entering Equatorial Guinea.
"What If" Simulator
Each active friction mechanism removes 3.4 points from this market's score (base score: 44.1, before regulatory friction). Uncheck a mechanism below to simulate its removal and see how many points this market would regain — using the exact AISL scoring formula.
Simulated score
37.3
2 mechanisms active (2 × 3.4 = −6.8 pts)
Active reinsurers
9 reinsurers (national + regional operating in this zone), 2021 revenue in USD millions
| Reinsurer | Scope | Revenue 2021 (M$) | 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: 37/100, "Restrictive" market.
- Insurance market: $53M (+16.1% year-on-year), fiscal year 2022.
- Main entry barrier: compulsory cession (CICA-RE 20% + Africa Re 5% (base CIMA)).
- Sits 11.8 points above the regional average (8 scored markets).
Regional comparison
Average adjusted score in Central Africa : 25.5 (out of 8 scored markets)
Equatorial Guinea is 11.8 points above the regional average