Contact
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)
The Non-life insurances market in Mozambique is experiencing a significant growth trajectory driven by various factors.
Customer preferences: Customers in Mozambique are increasingly valuing the security and protection that non-life insurance policies provide, especially in the face of economic uncertainties and natural disasters. There is a growing awareness among individuals and businesses about the importance of having insurance coverage to mitigate risks and safeguard their assets.
Trends in the market: One notable trend in the Mozambican non-life insurance market is the increasing demand for property and casualty insurance, particularly in urban areas experiencing rapid development. As more infrastructure projects and businesses emerge, there is a greater need for insurance products that cover property damage, liability, and other risks associated with these developments. Additionally, the market is witnessing a rise in the uptake of motor vehicle insurance, driven by an expanding middle class and a growing number of vehicles on the roads.
Local special circumstances: Mozambique's unique geographical location exposes it to natural disasters such as cyclones and floods, making insurance coverage for property and assets vital for individuals and businesses. This specific risk profile in the country has led to the development of specialized insurance products tailored to address these challenges, further driving the growth of the non-life insurance market.
Underlying macroeconomic factors: The overall economic growth and increasing disposable income levels in Mozambique are contributing to the expansion of the non-life insurance market. As the economy diversifies and various sectors develop, there is a greater need for insurance products to protect investments and ensure business continuity. Additionally, regulatory reforms and efforts to strengthen the insurance industry in the country are creating a more conducive environment for insurers to operate and offer a wider range of products to meet the evolving needs of customers.
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)