Life insurance - Angola

Angola

The Life insurance market market in Angola is expected to witness significant growth in the coming years.
By 2024, the market size, measured in terms of gross written premium, is projected to reach US$1.73bn.
This indicates a positive trend in the demand for Life insurance market products in the country.
Furthermore, the average spending per capita in the Life insurance market market is estimated to be US$45.80 in 2024.
This suggests that individuals in Angola are increasingly recognizing the importance of Life insurance market and are willing to invest in such policies.
Looking ahead, the Life insurance market market in Angola is expected to maintain a steady growth rate.
With an annual growth rate (CAGR 2024-2029) of -1.43%, the gross written premium is forecasted to reach US$1.61bn by 2029.
This demonstrates a promising future for the Life insurance market industry in the country.
In comparison to other countries globally, the United States is projected to generate the highest gross written premium in 2024, amounting to US$1,288.0bn.
This highlights the robustness of the Life insurance market the United States and its leading position on a global scale.
Angola's life insurance market is witnessing a surge in demand due to increasing awareness about financial protection and investment opportunities.

Market

Region

Region comparison

Currency

Analyst Opinion

In recent years, the Life insurance market in Angola has shown significant growth and development.

Customer preferences: Angolan customers are increasingly seeking life insurance products that offer not only financial protection but also investment opportunities. There is a growing demand for policies that provide both security for the future and potential returns on investment, reflecting a shift towards more sophisticated financial planning.

Trends in the market: One notable trend in the Angolan life insurance market is the emergence of innovative product offerings tailored to the needs of the local population. Insurers are introducing new policies that combine life insurance with savings and investment components, appealing to customers looking for comprehensive financial solutions. Additionally, there is a rising interest in digital insurance services, with more insurers leveraging technology to reach a wider customer base.

Local special circumstances: The unique socio-economic landscape in Angola plays a significant role in shaping the life insurance market. With a young and growing population, there is a rising awareness of the importance of long-term financial planning and protection. The increasing urbanization and expanding middle class are also driving the demand for life insurance products, as more individuals seek to secure their financial future and that of their families.

Underlying macroeconomic factors: The improving economic stability and regulatory environment in Angola have created a conducive atmosphere for the growth of the life insurance market. As the country continues to diversify its economy and attract foreign investment, there is a growing sense of confidence among consumers, leading to increased interest in life insurance products. Additionally, the government's efforts to promote financial literacy and inclusion are further driving the expansion of the insurance sector.

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.