Non-life insurances - Gabon

Gabon

The Non-life insurance market in Gabon is set to witness significant growth in the coming years.
By 2024, the market size, as measured by gross written premium, is projected to reach US$818.60m.
This indicates a strong potential for the industry in the country.
Furthermore, the average spending per capita on Non-life insurances market is expected to amount to US$329.50 in 2024.
This highlights the significance of insurance coverage among the population in Gabon.
Looking ahead, the market is anticipated to experience a steady annual growth rate of 2.66% from 2024 to 2029, resulting in a market volume of US$933.50m by the end of this period.
This positive growth trend suggests a promising future for the Non-life insurance sector in Gabon.
It is worth noting that in a global comparison, the United States is expected to generate the highest gross written premium, reaching a staggering US$2,500.0bn in 2024.
This showcases the dominance of the US market in the Non-life insurance segment on a global scale.
The non-life insurance market in Gabon is experiencing a surge in demand due to the country's growing economy and increasing awareness about the importance of insurance coverage.

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Analyst Opinion

Gabon's Non-life insurance market is experiencing significant growth and development in recent years. Customer preferences in the Gabonese market are shifting towards more comprehensive insurance coverage, including property, health, and motor insurance. This trend mirrors the global movement towards greater financial protection and risk management. Trends in the market indicate an increasing demand for innovative insurance products tailored to the specific needs of Gabonese consumers. Insurers are adapting their offerings to provide more customized solutions, such as flexible payment options and value-added services. Local special circumstances, such as a growing middle class and urbanization, are driving the expansion of the non-life insurance market in Gabon. As more individuals and businesses seek to safeguard their assets and investments, the demand for insurance products is on the rise. Underlying macroeconomic factors, including stable economic growth and regulatory reforms in the insurance sector, are also contributing to the positive trajectory of the non-life insurance market in Gabon. As the economy continues to develop, insurance penetration is expected to increase further, providing opportunities for insurers to expand their market share and offerings.

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.