The Life insurance market in Sudan has been experiencing notable developments and trends in recent years. Customer preferences in the Sudanese life insurance market are shifting towards more comprehensive coverage options that provide financial security for families and individuals. Customers are increasingly seeking policies that offer a wide range of benefits and coverage, reflecting a growing awareness of the importance of long-term financial planning and protection. Trends in the market indicate a gradual increase in the uptake of life insurance products among the Sudanese population. This trend can be attributed to rising disposable incomes, urbanization, and a growing middle class that values financial stability and protection. Additionally, advancements in technology and digitalization have made it easier for insurance companies to reach and engage with customers, further driving the growth of the market. Local special circumstances, such as Sudan's evolving regulatory environment and increasing competition among insurance providers, are shaping the dynamics of the life insurance market in the country. As the regulatory framework continues to evolve and become more robust, insurance companies are adapting their products and strategies to comply with new requirements and cater to the changing needs of customers. Underlying macroeconomic factors, including Sudan's economic growth prospects, demographic trends, and stability in the financial sector, are also influencing the development of the life insurance market. With a young and growing population, there is a significant opportunity for insurance companies to expand their customer base and offer innovative products that meet the diverse needs of Sudanese consumers. Additionally, the stability of the financial sector and overall economic outlook are creating a favorable environment for investment and growth in the insurance industry.
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)
