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The Life insurance market in Northern Africa has been experiencing significant growth and development in recent years. Customer preferences in the region are shifting towards financial security and long-term investment opportunities, driving the demand for life insurance products. As the middle class in Northern Africa continues to expand, there is a growing awareness of the importance of life insurance in providing protection and financial stability for individuals and their families. Trends in the market indicate a rising interest in unit-linked and investment-linked life insurance products, as customers seek higher returns on their premiums. This shift towards investment-oriented products is influenced by the low-interest-rate environment and the desire for wealth accumulation among policyholders in Northern Africa. Local special circumstances, such as regulatory reforms and increasing competition among insurance providers, are shaping the life insurance market in Northern Africa. Governments in the region are implementing policies to promote insurance penetration and improve consumer protection, creating a more conducive environment for life insurance companies to operate. Underlying macroeconomic factors, including economic growth, demographic trends, and technological advancements, are also driving the development of the life insurance market in Northern Africa. As the region experiences economic expansion and demographic changes, there is a growing need for life insurance products to meet the evolving financial needs of the population. Additionally, advancements in technology are enabling insurance companies to reach a wider customer base and offer more personalized products and services.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)