Non-life insurances - Malawi | Statista Market Forecast

The Non-life insurance market in Malawi is projected to reach a market size (gross written premium) of US$909.60m in 2024.
The average spending per capita in the Non-life insurance market is expected to amount to US$42.36 in 2024.
This indicates a positive trend in insurance coverage within the country.
Furthermore, the gross written premium is estimated to exhibit an annual growth rate (CAGR 2024-2029) of 1.81%.
This growth trajectory is expected to result in a market volume of US$994.90m by 2029.
These numbers highlight the potential for further development and expansion of the Non-life insurance sector in Malawi.
In comparison to other countries, it is noteworthy that the United States is projected to generate the highest gross written premium in 2024, amounting to US$2.5tn.
This showcases the significant scale of the insurance market the United States, contrasting with the emerging market of Malawi.
Nonetheless, in Malawi has the opportunity to foster growth and tap into the potential of the Non-life insurance market.
Malawi's non-life insurance market is experiencing steady growth due to increasing awareness of the importance of insurance coverage among its population.

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 insurance market in Malawi has been experiencing significant growth and development in recent years. Customer preferences in the Non-life insurance market in Malawi are shifting towards more comprehensive coverage options to protect against various risks such as property damage, motor vehicle accidents, and natural disasters. Trends in the market show an increasing demand for innovative insurance products tailored to the specific needs of Malawian customers, including microinsurance solutions for low-income individuals and businesses. Local special circumstances, such as the increasing awareness of the importance of insurance coverage and the growing middle-class population, are driving the expansion of the Non-life insurance market in Malawi. Underlying macroeconomic factors, including stable economic growth, regulatory reforms to strengthen the insurance industry, and efforts to increase financial inclusion, are contributing to the positive trajectory of the Non-life insurance market in Malawi.

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.