Insurance business grows in Cape Verde in 2010 but remains small part of the economy

30 August 2011

Praia, Cape Verde, 30 Aug – The insurance business in Cape Verde grew by 4.1 percent in 2010 and the sector’s production totalled 2.158 billion Cape Verdean escudos (19.5 million euros), according to the annual report of the Bank of Cape Verde (BCV).

Although the growth rate seen in 2010 was higher by 1.2 percentage points to that a year earlier, the weighting of insurance in the archipelago’s Gross Domestic Product (GDP) was just 1.57 percent (1.52 percent in 2009).

In the document, the BCV said that the estimated per capita insurance premium for 2010 was US$52.6 (37.04 euros), which represents a rise of 3.6 percent against the previous year.

According to the BCV, the life insurance segment, although still at low levels in absolute terms, had increased its relative weighting, rising from 3.7 percent in 2009 to 4.1 percent in 2010.

The non-life segment, with total premiums of 18.7 million euros, accounted for 9 percent of all premiums.

The automotive segment remained the main insurance type, with premiums totalling 950 million escudos (8.61 million euros). (macauhub)