Market Insights Financial Insurances Non-life insurances

General Liability Insurance - Gambia

Gambia

The General Liability Insurance market market in Gambia is expected to reach a market size (gross written premium) of US$52.09m in 2024.
The average spending per capita in the General Liability Insurance market market is projected to be US$18.33 in 2024.
The market is anticipated to show an annual growth rate (CAGR 2024-2028) of 4.57%, resulting in a market volume of US$62.28m by 2028.
In global comparison, the United States is projected to generate the highest gross written premium of US$179.7bn in 2024.
Gambia's General Liability Insurance market is seeing a surge in demand due to the country's growing tourism industry.

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Analyst Opinion

The General Liability Insurance market in Gambia is experiencing steady growth and development.

Customer preferences: Customers in Gambia are increasingly seeking General Liability Insurance coverage to protect their businesses from potential risks and liabilities. This trend is in line with global patterns where businesses are becoming more aware of the importance of insurance coverage to safeguard their operations.

Trends in the market: One key trend in the General Liability Insurance market in Gambia is the rising demand from small and medium-sized enterprises (SMEs). As the economy diversifies and more businesses emerge in the country, there is a growing need for insurance products to mitigate risks. Additionally, the increasing awareness about the benefits of liability insurance among business owners is driving the market growth.

Local special circumstances: In Gambia, the regulatory environment plays a significant role in shaping the General Liability Insurance market. The government's efforts to enhance regulations and promote insurance penetration in the country are creating a conducive environment for insurance companies to offer liability products. Moreover, the unique business landscape in Gambia, with a mix of traditional and modern industries, is influencing the types of liability coverage sought by businesses.

Underlying macroeconomic factors: The economic stability and growth in Gambia are also contributing to the development of the General Liability Insurance market. As the economy expands, businesses are looking to protect their assets and operations, fueling the demand for insurance products. Additionally, the increasing foreign investment in various sectors is driving the need for comprehensive liability coverage to mitigate risks associated with business activities.

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.