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The General Liability Insurance market in Eastern Africa is experiencing significant growth and development.
Customer preferences: Customers in Eastern Africa are increasingly seeking General Liability Insurance coverage to protect their businesses from potential risks and liabilities. With the growing awareness of the importance of insurance in mitigating financial losses, businesses are actively seeking comprehensive liability coverage to safeguard their operations.
Trends in the market: In Kenya, there is a noticeable trend of small and medium-sized enterprises (SMEs) opting for General Liability Insurance to comply with regulatory requirements and protect their businesses from unforeseen circumstances. Tanzania, on the other hand, is witnessing a surge in demand for liability insurance from the construction and manufacturing sectors as these industries expand rapidly in the region.
Local special circumstances: In Ethiopia, the government's push for economic reforms and increased foreign investment is driving the demand for General Liability Insurance among businesses looking to protect their assets and investments. In Uganda, the agriculture sector is a key driver of the General Liability Insurance market, with farmers and agribusinesses seeking coverage for potential risks associated with their operations.
Underlying macroeconomic factors: The overall economic growth in Eastern Africa, coupled with increasing urbanization and infrastructure development, is creating a conducive environment for the expansion of the General Liability Insurance market. As businesses strive to protect themselves from legal liabilities and operational risks, the demand for comprehensive insurance coverage is expected to continue rising in the region.
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)