General Liability Insurance - 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 2024-2029) of 4.47%, resulting in a market volume of US$64.82m by 2029.
In global comparison, the United States is projected to generate the highest gross written premium of US$178.4bn in 2024.
Gambia's General Liability Insurance market is seeing a surge in demand due to the country's growing tourism industry.

Definition:

General liability insurance is a type of coverage that offers protection to businesses and individuals against financial losses resulting from third-party claims of bodily injury, property damage, or personal injury. When you have general liability insurance, you pay regular premiums to an insurer, and in return, the insurer helps cover legal costs, settlements, and damages if you or your business are found liable for causing harm to others. This insurance is vital for shielding individuals and businesses from the financial repercussions of legal claims and liabilities arising from accidents or incidents that occur on their premises or as a result of their actions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Liability insurance booked for individuals and businesses

Motor vehicles liability
Aircraft liability
Liability for ships
Reinsurance

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.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.