Officially, Cape Verde is known as the Republic of Cabo Verde. This island country is found in Atlantic country. It is a small country and it is sparsely populated. But the country has a strong, efficient and well – managed financial structure. Cape Verde has a vibrant Creole Portuguese – African culture and traditional morna music since it used to be a Portuguese colony. The insurance industry of Cape Verde is regulated by a single institution which is the Central Bank of the country, the Central Bank of Cape Verde. Most of the insurance companies are based out of the capital city of Praia.
According to the study The Insurance Industry in Cape Verde, Key Trends and Opportunities to 2022 gives a comprehensive overview of the Cape Verde economy and demographics and details on the competitive landscape in Cape Verde. The report gives a detailed analysis of the natural hazards in the market, distribution channels and the regulatory policy prevailing in Cape Verde. It offers a detailed analysis of the key segments in the Cape Verde insurance industry, with market forecasts to 2022. It covers an exhaustive list of parameters, including written premium and claims, analyses the various distribution channels in Cape Verde and profiles the top insurance companies in Cape Verde, and outlines the key regulations affecting them. The report will help in making strategic business decisions by analyzing demand-side dynamics, market trends, and growth. The report will be detrimental in identifying competitors and regulations governing the market and make sound decisions therein. The key market players in Cape Verde insurance market are Garantia Seguros and Impar Seguros.
The different types of insurance industries found in Cape Verde are War and Terrorism Insurance, International Health Insurance, Expat Life and Disability Insurance, Travel Insurance, Evacuation Coverage, Special Risk Plans, and Group Expat Insurance Plans. In Cape Verde, the health care facilities are very limited and basic medical facilities are received in the capital city of Praia mostly. However, other cities islands are also funded by the government but only provide very basic facilities. Since the country has seen a surge in tourism, medical facilities have been opened for international patients. Thus, for advanced operations, the patients are required to be flown overseas which proves to be very expensive. This is a basic and the most vital coverage all the health insurances cover in Cape Verde.
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Ankur Gupta, Head Marketing & Communications