Brief History
The regulation and supervision of insurance business in The Gambia was directly under the Ministry of Finance as empowered by the 1974 Insurance Act. However, the responsibility for the administration of the Act was given to the Ministry of Justice, to ensure compliance. With a desk officer appointed to be in charge of insurance matters at the Finance Ministry, this responsibility was returned to that Ministry. An increase in the number of insurance companies necessitated the appointment of commissioner of insurance at the then Ministry of Finance in 1995. In a bid to improve the efficiency of the financial system in the Gambia, the Central Bank was empowered by the 1997 constitution to assume the regulation and supervision of insurance institutions.
Initially there were two insurance companies operating in The Gambian market. These were the Gambia national Insurance Company Limited and the Northern Assurance Company. The latter was foreign owned in large measure but was later transformed into a wholly locally owned insurance company and has since then been renamed Capital Insurance Company limited. The company ceased operations in 2007. Senegambia Insurance Company Limited was set up in 1981 but discontinued operations in 1996.

Current  Industry Structure

The Gambia’s insurance industry comprises of 13 insurance companies and 9 brokerage firms.¬† Ten (10) of the insurance companies including a Takaful/Islamic operator are general insurers (operating in non-life), one (1) is a composite insurer (operating life and non-life insurance business) and two (2) wholly life insurance. A branch network of 27 branch offices of the 13 insurers is spread across all the six administrative regions of the country.
The industry continues to be regulated and governed by the Insurance Act 2003, the Insurance Regulations 2005 and the Insurance Amendment Act 2006 which provides for the operation of Takaful (Islamic Insurance). The Insurance Regulations 2005 set out the basic requirements such as paid up capital, deposits for every class of business, the amount of solvency margin and components of its calculation as well as investment requirements amongst others.

In terms of ownership structure, 6 out of the 13 companies are 100% locally owned, 5 are of mixed ownership and 2 are of 100% foreign ownership. Thus, the amount of foreign participation in our industry currently stands at 45.3%.




Capital Express Assurance (G) Limited

Ahaotus Festus C.
19, Kairaba Avenue- KSMD
The Gambia


Enterprise Life Assurance Gambia Limited

Ben Birch- Mensah
2nd Floor
Standard Chartered house
Kairaba Avenue


Gambia National Insurance Company Limited

Fye Ceesay
19 Kairaba Avenue, KSMD


Global Security Insurance Company Limited

Ebou Lamin Bittaye
73A Gloucester Street
Independence  Drive
P.O.Box 1400, Banjul


Great Alliance Insurance Company Limited

Debroah Hannah Forster
10 Nelson Mandela Street


IGiGamster Insurance Company Limited

Shade Ajayi
Gamstar House
79 Daniel Goddard St.
P.O.Box 1276, Banjul


International Insurance Company Limited

Niahally Janneh
5 OAU Boulevard
P.O.Box 1254


Londongate Insurance Company Limited

Isatou Janneh
1-3 Liberation Avenue
P.O.Box 602, Banjul


New Vision Insurance Company Limited

Biran Njogu Bah
52 Kairaba Avenue
P.O.Box 239, Banjul


Prime Insurance Company Limited

Dawda Sarge
10C, Nelson Street


Royal Insurance Gambia Limited

Makaireh Badjan
Royal House
Kairaba Avenue, KSMD
Fajara Booster Station
P.O. Box 2605, Serrekunda
KSMD, The Gambia


Sunshine Insurance Company Limited

Almamy B. Jobarteh
7/8 Nelson Mandela St.

P.O.Box 1277, Banjul


Takaful Gambia Limited

Sainabou Jallow Gaye
Elton Filling Station
Old Jeshwang
P.O.Box 978, Banjul




Appropriate Insurance Solutions Limited (G) Limited

Kawsu Darboe
46 Kairaba Avenue
Reliance Plaza
P.O.Box 2323


Colts Insurance & Reinsurance Brokers Company Ltd

Kotu Highway

Dingareh Insurance Brokers

2A Allen Street
P.O.Box 166
Banjul, The Gambia


Gainako Insurance Brokers Limited

40 Kairaba Avenue

Kabakunku Insurance and Re-insurance Brokers

327 Kanifing East Layout

Metropolitan Insurance Broker

Sainabou Faal
Ecowas Avenue


Patriot Insurance Brokers

Standard Chartered House
16 Kairaba Avenue

PCAM Insurance Brokers

Sulayman M.A Jallow
28 Garba Jahumpa Road
South Atlantic
Bakau, The Gambia


Standard Insurance Brokers (G) Limited

Isha Bajaha
Paradise Estate
Plot 242A-B, Yundum
The Gambia


The Insurance Act, 2003