Non-life insurances - Ivory Coast

Ivory Coast

The Non-life insurance market in Ivory Coast is projected to reach a market size (gross written premium) of US$1,391.00m in 2024.
The average spending per capita in the Non-life insurance market is expected to amount to US$46.98 in 2024.
Furthermore, the gross written premium is predicted to display an annual growth rate (CAGR 2024-2028) of 2.83%, resulting in a market volume of US$1,555.00m by 2028.
In comparison to other countries, the United States is anticipated to generate the highest gross written premium of US$3,371.0bn in 2024.
Ivory Coast's non-life insurance market is experiencing a surge in demand, driven by the growing middle class and increased awareness of the importance of insurance coverage.

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Analyst Opinion

The Non-life insurances market in Ivory Coast has been experiencing significant growth and development in recent years. Customer preferences in the Non-life insurances market in Ivory Coast are shifting towards more comprehensive coverage options to protect against a wide range of risks. Customers are increasingly seeking policies that provide coverage for not only traditional risks like property damage and theft, but also for emerging risks such as cyber attacks and natural disasters. Trends in the market show a notable increase in the uptake of technology-driven insurance solutions, such as mobile-based insurance products and online policy management platforms. This trend is driven by the growing tech-savvy population in Ivory Coast, which is increasingly relying on digital channels for their insurance needs. Local special circumstances in Ivory Coast, such as the government's efforts to promote financial inclusion and regulatory reforms to enhance transparency in the insurance sector, are contributing to the growth of the Non-life insurances market. These initiatives are helping to increase awareness about the importance of insurance and improve access to insurance products for a larger segment of the population. Underlying macroeconomic factors, including stable economic growth, a growing middle class, and increasing urbanization rates, are also fueling the development of the Non-life insurances market in Ivory Coast. As disposable incomes rise and the level of risk awareness increases, more individuals and businesses are seeking to protect their assets and mitigate potential financial losses through insurance coverage.

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.