Insurances

The Insurances market in Gambia is projected to reach a gross written premium of US$743.70m in 2024.
Non-Life Insurances dominate the market with a projected market volume of US$440.70m in the same year.
The average spending per capita in the Insurances market is estimated to be US$261.70 in 2024.
When compared globally, the United States leads with the highest nominal value of US$3.8tn in 2024.
The expected annual growth rate (CAGR 2024-2029) for the gross written premium is 2.64%, which would result in a market volume of US$847.00m by 2029.
Once again, the United States is expected to generate the highest gross written premium in 2024, amounting to US$3.8tn.
Gambia's insurance market is experiencing a surge in demand for agricultural insurance, as farmers seek protection against climate-related risks.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Insurances market in Gambia has been experiencing notable growth and development in recent years. Customer preferences in the insurance market in Gambia are shifting towards more comprehensive coverage options, reflecting a growing awareness of the importance of insurance protection. Customers are increasingly seeking policies that cover a wide range of risks, including health, property, and life insurance. This trend mirrors a global pattern where customers are becoming more risk-conscious and proactive in securing their financial well-being. Trends in the insurance market in Gambia indicate a rise in the uptake of microinsurance products tailored to the needs of low-income individuals and small businesses. This trend is driven by efforts to improve financial inclusion and provide affordable insurance solutions to underserved segments of the population. Insurers in Gambia are innovating their product offerings to cater to the specific needs of these customers, such as flexible payment options and simplified underwriting processes. Local special circumstances in Gambia, such as a growing middle class and increasing urbanization, are contributing to the expansion of the insurance market. As more people move to urban areas and experience rising incomes, the demand for insurance products is on the rise. Additionally, regulatory reforms aimed at strengthening the insurance sector and enhancing consumer protection are creating a more conducive environment for market growth and stability. Underlying macroeconomic factors, including stable economic growth and a favorable regulatory framework, are supporting the development of the insurance market in Gambia. The government's efforts to promote financial literacy and improve access to insurance services are also driving market expansion. As the economy continues to grow and diversify, the insurance sector is expected to play a crucial role in supporting sustainable development and mitigating financial risks for individuals and businesses alike.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.