Life insurance - Gambia

Gambia

The Life insurance market market in Gambia is projected to reach a market size (gross written premium) of US$305.30m in 2024.
In the same year, the average spending per capita in the Life insurance market market is expected to amount to US$107.40.
Looking ahead, the gross written premium is forecasted to show an annual growth rate (CAGR 2024-2028) of 3.68%, resulting in a market volume of US$352.80m by 2028.
When compared globally, the United States is expected to generate the highest gross written premium of US$1,271.0bn in 2024.
Gambia's life insurance market is experiencing steady growth due to increasing awareness of the importance of financial protection.

Market

Region

Region comparison

Currency

Analyst Opinion

The Life insurance market in Gambia has been experiencing notable growth and development in recent years. Customer preferences in the Life insurance market in Gambia are shifting towards more comprehensive coverage options that provide financial security for their families in the event of unforeseen circumstances. Customers are increasingly seeking policies that offer a wide range of benefits and flexibility in terms of premium payments. Trends in the market indicate a growing awareness among the population about the importance of life insurance as a risk management tool. This increased awareness is driving demand for innovative life insurance products that cater to the specific needs of Gambian consumers. Additionally, advancements in technology have made it easier for insurance companies to reach a larger customer base and offer more personalized products and services. Local special circumstances in Gambia, such as a young and growing population with rising disposable incomes, are contributing to the expansion of the Life insurance market. As more Gambians enter the workforce and start families, the need for life insurance as a means of financial protection is becoming increasingly apparent. Moreover, the government's efforts to promote financial inclusion and literacy are also playing a crucial role in driving the growth of the life insurance sector. Underlying macroeconomic factors, such as stable economic growth and a favorable regulatory environment, are creating a conducive atmosphere for the development of the Life insurance market in Gambia. The country's improving economic conditions and increasing focus on enhancing the overall financial sector are attracting both domestic and foreign insurance providers to invest in the market and offer a diverse range of life insurance products to meet the evolving needs of customers.

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.