Insurances

The Insurances market in Guinea is projected to reach a gross written premium of US$1.35bn in 2024.
Non-Life Insurances dominates this market segment with a projected market volume of US$720.20m in 2024.
In terms of average spending per capita, in Guinea is expected to see an amount of US$92.90 in 2024.
When comparing the global market, the United States is projected to have the highest nominal value, reaching US$3.8tn in 2024.
Looking ahead, the gross written premium is expected to have an annual growth rate (CAGR 2024-2029) of 4.35%, resulting in a market volume of US$1.67bn by 2029.
Once again, the United States is forecasted to generate the highest gross written premium in the global market, reaching US$3.8tn in 2024.
The insurance market in Guinea is experiencing a surge in demand for health insurance due to the increasing awareness about the importance of healthcare coverage.

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 Guinea is showing promising signs of development and growth. Customer preferences in the insurance market in Guinea are shifting towards a greater demand for health and life insurance products. This trend is in line with global patterns, where customers are increasingly prioritizing protection against health risks and securing financial stability for their families. Additionally, there is a growing interest in property insurance as the real estate market in Guinea expands. One notable trend in the insurance market in Guinea is the rise 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 a safety net for vulnerable populations. Insurers are innovating by offering affordable and accessible insurance solutions, such as weather-indexed crop insurance for farmers and health insurance for informal sector workers. Local special circumstances in Guinea, such as a relatively low level of insurance penetration and limited awareness about the benefits of insurance, present both challenges and opportunities for market growth. Insurers in Guinea are focusing on education and awareness campaigns to inform the population about the importance of insurance and dispel misconceptions. Additionally, partnerships with local communities and businesses are being forged to increase distribution channels and reach underserved markets. Underlying macroeconomic factors, such as stable economic growth and a young population with increasing disposable income, are contributing to the expansion of the insurance market in Guinea. As the economy diversifies and incomes rise, there is a greater capacity for individuals and businesses to invest in insurance products for long-term financial security. Moreover, regulatory reforms and efforts to strengthen the insurance industry are enhancing consumer trust and confidence in the market.

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.