The Motor Vehicle Insurance market in Northern Africa is experiencing a notable shift in customer preferences, market trends, and local special circumstances.
Customer preferences: Customers in Northern Africa are increasingly seeking motor vehicle insurance policies that offer comprehensive coverage at competitive prices. They value insurance providers that offer quick and efficient claims processing, as well as excellent customer service. With the rise of digitalization, there is a growing demand for online platforms that provide easy access to insurance products and services.
Trends in the market: In countries like Egypt and Morocco, there is a noticeable trend towards an increase in the number of motor vehicles on the roads. This rise in vehicle ownership is directly contributing to the growth of the motor vehicle insurance market. As more vehicles require insurance coverage, insurance providers are adapting their offerings to meet the evolving needs of customers. Additionally, there is a growing trend towards usage-based insurance, where premiums are based on individual driving behavior.
Local special circumstances: Political stability and regulatory frameworks play a significant role in shaping the motor vehicle insurance market in Northern Africa. Countries like Algeria and Tunisia are witnessing regulatory changes that are impacting the insurance industry. Additionally, factors such as road infrastructure, traffic congestion, and the prevalence of vehicle theft contribute to the unique circumstances of each country's insurance market.
Underlying macroeconomic factors: The economic stability and purchasing power of consumers in Northern Africa are key macroeconomic factors influencing the motor vehicle insurance market. As disposable incomes rise in countries like Libya and Sudan, more individuals can afford to purchase and insure vehicles. Economic growth and urbanization also play a role in increasing the demand for motor vehicle insurance, as cities expand and more people rely on cars for transportation.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
