Life insurance - Zimbabwe | Statista Market Forecast

The Life insurance market market in Zimbabwe is projected to reach a market size (gross written premium) of US$1.05bn in 2024.
It is estimated that the average spending per capita in the Life insurance market market will amount to US$61.93 in 2024.
The gross written premium is expected to exhibit an annual growth rate (CAGR 2024-2029) of 0.84%, resulting in a market volume of US$1.10bn by 2029.
In global comparison, the United States will generate the highest gross written premium of US$1.3tn in 2024.
Despite economic challenges, Zimbabwe's life insurance market is experiencing steady growth, driven by increasing awareness about the importance of financial protection and long-term planning.

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 Zimbabwe has been experiencing significant growth and development in recent years. Customer preferences in Zimbabwe are shifting towards seeking financial security and protection for their families, which has led to an increased demand for life insurance products. Customers are becoming more aware of the importance of long-term financial planning and are looking for comprehensive coverage options to safeguard their loved ones in case of unforeseen events. Trends in the market indicate a rise in the adoption of digital channels for purchasing life insurance policies in Zimbabwe. Insurers are leveraging technology to reach a wider customer base and provide convenient and efficient services. Additionally, there is a growing interest in customizable insurance products that cater to the specific needs and preferences of individual policyholders. Local special circumstances in Zimbabwe, such as a growing middle-class population and increasing disposable income, have contributed to the expansion of the life insurance market. The country's stable economic environment and regulatory reforms aimed at strengthening the insurance sector have also played a crucial role in attracting both domestic and foreign insurers to invest in Zimbabwe. Underlying macroeconomic factors, including GDP growth, inflation rates, and interest rates, have influenced the development of the life insurance market in Zimbabwe. A stable economic outlook and favorable demographic trends have created a conducive environment for insurance companies to expand their operations and introduce innovative products to meet the evolving needs of customers. Additionally, government initiatives to promote financial inclusion and literacy have further boosted the uptake of life insurance among the population.

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.