Insurances - Mozambique | Statista Market Forecast

The Insurances market in Mozambique is projected to reach a gross written premium of US$1.79bn in 2025.
Non-Life Insurances dominate this market with a projected volume of US$917.60m in the same year.
The average spending per capita in the Insurances market is estimated to be US$49.94 in 2025.
When compared globally, the United States is expected to have the highest nominal value, reaching US$3.9tn in 2025.
The gross written premium is anticipated to grow at an annual rate of 2.59% from 2025 to 2029 (CAGR 2025-2029), resulting in a market volume of US$1.98bn by 2029.
In global comparison, the United States will continue to generate the highest gross written premium, reaching US$3.9tn in 2025.
Despite being a developing country, Mozambique's insurance market is experiencing steady growth due to increasing awareness and demand for financial protection among its population.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. 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.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

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, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

Insurances: market data & analysis

In Mozambique, the Insurances market is experiencing notable growth and development.

Customer preferences: Customers in Mozambique are increasingly recognizing the importance of insurance coverage to protect their assets and mitigate risks. The rising awareness of the benefits of insurance products is driving demand in the market. Additionally, the growing middle class in the country is seeking more sophisticated insurance products to safeguard their wealth and investments.

Trends in the market: One of the key trends in the Insurances market in Mozambique is the expansion of digital insurance services. Insurers are leveraging technology to reach a wider customer base and streamline the process of purchasing insurance. This trend is particularly appealing to the younger population who are tech-savvy and prefer convenient digital solutions. Another trend is the introduction of innovative insurance products tailored to the specific needs of Mozambican consumers, such as weather-based insurance for farmers to protect against crop losses due to adverse weather conditions.

Local special circumstances: Mozambique's insurance market is also influenced by the unique local circumstances in the country. The prevalence of natural disasters, such as cyclones and floods, has heightened the awareness of the importance of insurance for disaster recovery. Insurers are adapting their products to provide coverage for these specific risks, thereby addressing a critical need in the market. Moreover, the regulatory environment in Mozambique plays a significant role in shaping the insurance sector, ensuring consumer protection and market stability.

Underlying macroeconomic factors: The economic growth and stability in Mozambique are contributing to the development of the Insurances market. As the country's economy expands, individuals and businesses have more assets to protect, leading to increased demand for insurance products. Furthermore, the government's efforts to improve financial inclusion and promote insurance penetration are creating a favorable environment for insurers to expand their operations and offer a diverse range of products to cater to the evolving needs of the market.

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 Finance market, in a PDF format.

Insurance has become a fundamental cornerstone of today's economy, providing financial security in an otherwise uncertain world. From protecting individual livelihoods to upholding commercial ventures the global insurance industry has continued to grow. Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth roughly eight trillion U.S. dollars in 2024, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.

Insurances - Mozambique

Gross Written Premium

Gross Claim Payments

Loss Ratio

Analyst Opinion

Methodology

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