Non-life insurances - Gambia

Gambia

The Non-life insurance market in Gambia is projected to reach a market size (gross written premium) of US$444.80m in 2024.
The average spending per capita in the Non-life insurance market in Gambia is expected to amount to US$156.50 in 2024.
The gross written premium in Gambia is expected to show an annual growth rate (CAGR 2024-2028) of 2.40%, resulting in a market volume of US$489.00m by 2028.
In global comparison, the United States is expected to generate the most gross written premium, with US$3,371.0bn in 2024.
Gambia's non-life insurance market is experiencing a surge in demand due to the country's growing economy and increasing awareness of the importance of insurance coverage.

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Analyst Opinion

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

Customer preferences: Customers in Gambia are increasingly seeking non-life insurance products to protect their assets and mitigate risks. The demand for motor vehicle insurance, property insurance, and health insurance has been on the rise as individuals and businesses recognize the importance of financial protection against unforeseen events.

Trends in the market: One of the key trends in the non-life insurance market in Gambia is the increasing adoption of technology. Insurers are leveraging digital platforms to reach a wider customer base, streamline operations, and enhance the overall customer experience. Additionally, there is a growing trend towards customized insurance products tailored to the specific needs of different customer segments.

Local special circumstances: The insurance market in Gambia is relatively small compared to other countries in the region, which presents both challenges and opportunities for insurers. The market is characterized by intense competition among insurance companies, leading to innovative product offerings and competitive pricing strategies. Moreover, the regulatory environment plays a crucial role in shaping the non-life insurance market in Gambia, with stringent requirements aimed at protecting policyholders' interests.

Underlying macroeconomic factors: The growth of the non-life insurance market in Gambia is closely linked to the overall economic development of the country. As the economy continues to expand and incomes rise, there is a greater capacity for individuals and businesses to invest in insurance products. Additionally, factors such as political stability, regulatory reforms, and infrastructure development contribute to creating a conducive environment for the growth of the non-life insurance market in Gambia.

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.