Insurances - Equatorial Guinea

Equatorial Guinea

The Insurances market in Equatorial Guinea is projected to reach a market size (gross written premium) of US$1.40bn in 2024.
Non-Life Insurances dominates the market with a projected market volume of US$0.74bn in 2024.
The average spending per capita in the Insurances market amounts to US$0.79k in 2024.
From a global comparison perspective, the highest nominal value is reached the United States with a projected market size of US$4,642.0bn in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2028) of 2.91%, resulting in a market volume of US$1.57bn by 2028.
In global comparison, the United States will generate the most gross written premium with US$4,642.0bn in 2024.
Equatorial Guinea's insurance market is witnessing a surge in demand for health insurance due to the increasing awareness about the importance of healthcare coverage.

Market

Region

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Currency

Analyst Opinion

The Insurances market in Equatorial Guinea is witnessing a gradual but steady development in recent years. Customer preferences in Equatorial Guinea are shifting towards insurance products that provide comprehensive coverage for risks such as health, property, and vehicles. Customers are increasingly looking for personalized insurance solutions that cater to their specific needs and offer peace of mind in the face of uncertainties. Trends in the market indicate a growing demand for microinsurance products, especially among low-income individuals and small businesses. This trend is driven by efforts to increase financial inclusion and provide a safety net for vulnerable populations. Additionally, the digitalization of insurance services is gaining traction, making it easier for customers to access and manage their insurance policies. Local special circumstances in Equatorial Guinea, such as a relatively small population and a developing economy, play a role in shaping the insurance market. The limited number of insurance providers in the country creates opportunities for new entrants to introduce innovative products and services. Moreover, the government's focus on regulatory reforms and consumer protection is fostering a more transparent and competitive insurance landscape. Underlying macroeconomic factors, including GDP growth, inflation rates, and foreign direct investment, influence the development of the insurance market in Equatorial Guinea. As the economy diversifies and expands, there is a corresponding increase in the demand for insurance products to mitigate risks associated with business activities and personal assets. Additionally, stable economic conditions contribute to the overall growth and stability of the insurance sector in the country.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.