Life insurance - Equatorial Guinea

Equatorial Guinea

The Life insurance market market in Equatorial Guinea is expected to reach a projected market size (gross written premium) of US$0.67bn in 2024.
Furthermore, the average spending per capita in the Life insurance market market is anticipated to amount to US$0.38k in the same year.
It is projected that the gross written premium will demonstrate an annual growth rate (CAGR 2024-2029) of 3.35%, leading to a market volume of US$0.79bn by 2029.
In a global context, the United States is expected to generate the highest gross written premium, reaching US$1,288.0bn in 2024.
Equatorial Guinea's life insurance market is growing steadily, driven by increasing awareness of the importance of financial protection and a rising middle class.

Market

Region

Region comparison

Currency

Analyst Opinion

The Life insurance market in Equatorial Guinea is showing promising signs of growth and development. Customer preferences in Equatorial Guinea are shifting towards a greater awareness of the importance of financial security and long-term planning, leading to an increased interest in life insurance products. Customers are becoming more inclined to invest in policies that offer protection and financial stability for their families in the event of unexpected circumstances. Trends in the market indicate a gradual rise in the penetration of life insurance products among the population in Equatorial Guinea. This trend is driven by a growing middle class, rising disposable incomes, and a desire for comprehensive financial planning. Insurers are responding to this demand by introducing innovative products and tailored solutions to cater to the evolving needs of customers. Local special circumstances, such as a relatively small insurance market and limited competition, present both challenges and opportunities for life insurance providers in Equatorial Guinea. Insurers must navigate regulatory frameworks and cultural nuances to effectively reach and educate potential customers about the benefits of life insurance. Developing trust and credibility within the local community is crucial for long-term success in the market. Underlying macroeconomic factors, including stable economic growth and a favorable regulatory environment, are contributing to the positive outlook for the life insurance market in Equatorial Guinea. As the country continues to diversify its economy and improve financial literacy among its population, the demand for life insurance products is expected to increase steadily in the coming years.

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.