Non-life insurances - Angola

Angola

The Non-life insurance market in Angola is expected to witness significant growth in the coming years.
It is projected that by 2024, the market size, measured by gross written premium, will reach US$1,417.00m.
This indicates a positive trend in the insurance sector, showcasing the country's potential for economic development.
Furthermore, the average spending per capita in the Non-life insurance market is estimated to be US$37.47 in 2024.
This figure reflects the level of financial protection individuals are willing to invest in for their assets and well-being.
Looking ahead, the gross written premium is anticipated to experience an annual growth rate of 1.71% between 2024 and 2029.
This steady increase is expected to result in a market volume of US$1,542.00m by 2029.
These numbers underline the growing demand for Non-life insurance products and services in Angola.
In terms of global comparison, it is noteworthy that the United States is projected to generate the highest gross written premium in 2024, amounting to US$2,500.0bn.
This highlights the substantial size of the insurance market the United States, reflecting its economic strength and consumer demand.
In summary, the Non-life insurance market in Angola is poised for growth, with projections indicating an increase in market size, per capita spending, and overall market volume.
This showcases the importance of insurance as a means of financial protection and underscores the potential for further development in the country's insurance sector.
The non-life insurance market in Angola is experiencing rapid growth due to increased urbanization and a growing middle class.

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Analyst Opinion

The Non-life insurances market in Angola has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Angola are increasingly seeking non-life insurance products to protect their assets and mitigate risks associated with unforeseen events. The rising awareness of the importance of insurance coverage, coupled with a growing middle class, is driving the demand for non-life insurance policies in the country.

Trends in the market: One notable trend in the Angolan non-life insurance market is the increasing adoption of technology and digital solutions by insurance companies to enhance customer experience and streamline operations. Insurers are leveraging digital platforms to offer convenient services such as online policy purchases, claims processing, and customer support, catering to the tech-savvy population in Angola.

Local special circumstances: In Angola, the non-life insurance market is also influenced by the regulatory environment and government policies. The government's efforts to promote financial inclusion and regulate the insurance sector are shaping the market dynamics and driving insurers to innovate and expand their product offerings to comply with the evolving regulatory landscape.

Underlying macroeconomic factors: The growth of the non-life insurance market in Angola is closely tied to the overall economic development and stability of the country. As Angola continues to diversify its economy and attract foreign investments, there is a growing need for insurance products to protect businesses, properties, and individuals from various risks. The stability and growth of key sectors such as oil and gas, construction, and agriculture also play a crucial role in driving the demand for non-life insurance in the country.

Methodology

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.