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The Insurances market in Madagascar has been experiencing significant growth and development in recent years. Customer preferences in the insurance market in Madagascar are shifting towards more comprehensive coverage options, reflecting a growing awareness of the importance of insurance protection. Customers are increasingly seeking policies that cover a wide range of risks, including health, property, and life insurance, to safeguard themselves and their assets. Trends in the market show a notable increase in the demand for microinsurance products tailored to the needs of low-income individuals and small businesses. This trend is driven by efforts to improve financial inclusion and provide a safety net for vulnerable populations in Madagascar. Additionally, there is a growing interest in digital insurance solutions, making insurance products more accessible to a larger segment of the population. Local special circumstances, such as the vulnerability to natural disasters like cyclones and floods, play a significant role in shaping the insurance market in Madagascar. The increased frequency and severity of these events have highlighted the importance of insurance coverage as a means of disaster preparedness and recovery for individuals and businesses. Underlying macroeconomic factors, including stable economic growth and a rising middle class, contribute to the expansion of the insurance market in Madagascar. As disposable incomes increase, more people are able to afford insurance products, driving overall market growth. Additionally, regulatory reforms aimed at strengthening the insurance sector and increasing transparency have helped to build trust among consumers and boost market confidence.
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)