Non-life insurances - Guinea | Statista Market Forecast

The Non-life insurance market in Guinea is expected to reach a projected market size (gross written premium) of US$720.20m in 2024.
The average spending per capita in the Non-life insurance market is estimated to be US$49.57 in 2024.
With an annual growth rate (CAGR 2024-2029) of 3.80%, the gross written premium is anticipated to result in a market volume of US$868.00m by 2029.
In global comparison, the United States is projected to generate the highest gross written premium of US$2.5tn in 2024.
Guinea's non-life insurance market is experiencing a surge in demand due to increased awareness of the importance of protecting assets and businesses against potential risks.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Non-life insurances market in Guinea is experiencing a notable growth trajectory, driven by various factors shaping the industry landscape in the country.

Customer preferences: Customers in Guinea are increasingly recognizing the importance of non-life insurance products in safeguarding their assets and mitigating risks. With rising awareness about the benefits of insurance coverage, there is a growing demand for policies that protect against unforeseen events such as natural disasters, accidents, and theft.

Trends in the market: One of the prominent trends in the non-life insurance market in Guinea is the expansion of product offerings to cater to diverse customer needs. Insurers are introducing innovative policies tailored to specific risks faced by businesses and individuals in the country. Additionally, there is a noticeable shift towards digital channels for purchasing insurance, making it more convenient for customers to access and manage their policies.

Local special circumstances: In Guinea, the non-life insurance market is influenced by the country's socio-economic conditions and regulatory environment. The market is characterized by a mix of domestic and international insurance providers, each adapting their offerings to suit the local market dynamics. Moreover, the prevalence of certain risks, such as political instability and natural disasters, shapes the types of insurance products that are in high demand among the population.

Underlying macroeconomic factors: The growth of the non-life insurance market in Guinea is also supported by favorable macroeconomic factors. As the country continues to witness economic development and infrastructure investments, there is a corresponding increase in the insurable assets that require protection. Furthermore, regulatory reforms aimed at strengthening the insurance sector contribute to building trust among consumers and encouraging uptake of insurance products.

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.