Life insurance - Togo | Statista Market Forecast

The Life insurance market market in Togo is expected to reach a market size (gross written premium) of US$708.00m in 2024.
It is projected that the average spending per capita in the Life insurance market market will amount to US$76.45 in 2024.
Furthermore, the gross written premium is anticipated to show an annual growth rate (CAGR 2024-2029) of 3.34%, resulting in a market volume of US$834.30m by 2029.
When compared globally, the United States is projected to generate the highest gross written premium in 2024, amounting to US$1.3tn.
The life insurance market in Togo is witnessing a growing demand for customized policies tailored to the unique needs of its diverse population.

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.

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

Health Insurance
All non-life insurance types
Reinsurance

The Life insurance market in Togo is experiencing significant growth and development driven by various factors.

Customer preferences: Customers in Togo are increasingly recognizing the importance of financial security and long-term planning, leading to a growing demand for life insurance products. The shift towards more stable and secure financial instruments is influencing individuals to invest in life insurance policies to safeguard their future and that of their families.

Trends in the market: One notable trend in the Togolese life insurance market is the introduction of innovative products tailored to the specific needs of the local population. Insurers are offering policies that cater to the unique challenges and priorities of Togolese customers, such as education savings plans and retirement-focused products. This customization is attracting more individuals to invest in life insurance, driving market growth.

Local special circumstances: The regulatory environment in Togo is becoming more conducive to the expansion of the life insurance sector. Government initiatives aimed at promoting financial inclusion and stability are creating opportunities for insurers to reach a broader customer base. Additionally, partnerships between insurance companies and local banks are facilitating the distribution of life insurance products, making them more accessible to the population.

Underlying macroeconomic factors: The overall economic stability and growth in Togo are also contributing to the development of the life insurance market. As the country's economy continues to expand, disposable incomes are rising, enabling more people to consider long-term financial planning options like life insurance. The favorable economic conditions are boosting confidence among consumers, encouraging them to invest in insurance policies for their financial well-being.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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.