Skip to main content
  1. Market Insights
  2. Financial
  3. Insurances

Life insurance - Guinea

Guinea
  • The Life insurance market market in Guinea is expected to reach a market size (gross written premium) of US$629.50m in 2024.
  • The average spending per capita in the Life insurance market market is projected to be US$43.33 in 2024.
  • It is anticipated that the gross written premium will experience an annual growth rate (CAGR 2024-2029) of 4.96%, leading to a market volume of US$801.70m by 2029.
  • In comparison to other countries worldwide, the United States is forecasted to generate the highest gross written premium of US$1.3tn in 2024.
  • Guinea's life insurance market is witnessing a surge in demand due to increasing awareness about financial security and protection.

Definition:

Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. 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.

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, and the share of insureds in the total population for over 50 countries.

In-Scope

  • Death benefit insurance
  • Endowment insurance
  • Disability insurance
  • Dowry insurance
  • Birth insurance
  • Term life insurance
  • Whole life insurance
  • Universal life insurance
  • Burial insurance
  • Other types of life insurance

Out-Of-Scope

  • Health Insurance
  • All non-life insurance types
  • Reinsurance
Life Insurance: market data & analysis - Cover

Market Insights report

Life Insurance: market data & analysis

Study Details

    Gross Written Premium

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Gross Claim Payments

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Loss Ratio

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Life insurance market in Guinea is showing promising signs of growth and development. Customer preferences in the life insurance market in Guinea are shifting towards more comprehensive coverage options that provide financial security and stability for individuals and their families. Customers are increasingly seeking policies that offer a wide range of benefits, including coverage for critical illnesses, disability, and retirement planning. This trend aligns with global preferences in the life insurance market, where customers are prioritizing long-term financial planning and protection. Trends in the market in Guinea indicate a growing awareness and understanding of the importance of life insurance among the population. As education levels rise and financial literacy improves, more individuals are recognizing the value of life insurance as a tool for wealth preservation and risk management. This increased awareness is driving demand for innovative life insurance products that cater to the specific needs and preferences of Guinean consumers. Local special circumstances, such as a rapidly expanding middle class and a young population, are contributing to the growth of the life insurance market in Guinea. As disposable incomes increase and the population becomes more urbanized, the demand for life insurance products is expected to rise. Additionally, the country's relatively low insurance penetration rate presents significant opportunities for insurance companies to expand their customer base and market share in Guinea. Underlying macroeconomic factors, such as stable economic growth and government initiatives to promote the insurance sector, are also supporting the development of the life insurance market in Guinea. As the economy continues to grow and diversify, more individuals and businesses are looking to protect their assets and secure their financial futures through life insurance. Government efforts to enhance regulatory frameworks and promote insurance awareness are further driving the growth of the life insurance market in Guinea.

    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.

    Financial

    Access more Market Insights on Financial topics with our featured report

    Life Insurance: market data & analysis - BackgroundLife Insurance: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Life insurance - statistics & facts

    The biggest life insurance market globally is the United States, and it was almost twice as large as the second-biggest market, China. People take out life insurance to financially support their loved ones after their death. The payout is often used to cover funeral expenses, replace income earned by the deceased, or pay for children's education. It can be paid out in a lump sum or as an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third-largest life insurance markets were China and the United Kingdom, respectively.
    More data on the topic

    Contact

    Get in touch with us. We are happy to help.