Equatorial Guinea

Axco provides details on the life insurance sector including Equatorial Guinea market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Equatorial Guinea, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Equatorial Guinea pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Equatorial Guinea report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

There is no reported life business in this market.

The country's authorities have in the past expressed the view that there is no need for private companies to provide life insurance because the social security body, the Social Security Institute (INSESO), provides all the cover that is necessary. L'Africaine des Assurances de Guinee Equatoriale was said to have applied for a licence for a life company ....

No private pension business is written in this market, only the state pensions provided by INSESO.

Many expatriates have pension arrangements outside the country.

Healthcare is thought to make up the majority of the personal accident (PA) and healthcare class. It saw steady growth, up to and including 2015, derived from two main sources:

• from the country's newly-rich deciding to buy cover to provide something better than the care given under the social security system (anecdotal evidence suggests that the benefits offered by the state system are considered poor)

• from the increasing ....