Property Insurance - Africa | Statista Market Forecast

The Property Insurance market market in Africa is expected to witness significant growth in the coming years.
According to projections, the market size (gross written premium) is estimated to reach US$16.11bn in 2025.
This indicates a positive trend in the demand for insurance coverage for properties in the region.
Furthermore, the average spending per capita in the Property Insurance market market is projected to be US$12.12 in 2025.
This indicates the willingness of individuals in Africa to invest in Property Insurance market to safeguard their assets.
Looking ahead, the gross written premium is expected to exhibit an annual growth rate (CAGR 2025-2029) of 3.31%.
This steady growth indicates the increasing awareness and importance of Property Insurance market among individuals and businesses in AfriBy 2029, the market volume is predicted to reach US$18.35bn, reflecting the growing demand for insurance products in the region.
In a global context, it is worth noting that the United States is expected to generate the highest gross written premium in the Property Insurance market market.
In 2025, it is projected to reach a staggering US$260.6bn.
This highlights the dominance of the US market in terms of size and revenue generation in the Property Insurance market sector.
Overall, the Property Insurance market market in Africa is poised for growth, driven by factors such as increasing awareness, rising disposable income, and the need to protect valuable assets.
As more individuals and businesses recognize the importance of Property Insurance market, the market is expected to expand further, contributing to the overall economic development of the region.
In Africa, the property insurance market is growing rapidly, with Nigeria experiencing a surge in demand due to increased urbanization and infrastructure development.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

Non-life Insurances: market data & analysis

The Property Insurance market in Africa is experiencing significant growth and development, driven by various factors unique to the region.

Customer preferences: Customers in Africa are increasingly recognizing the importance of protecting their properties through insurance coverage. As urbanization and economic development continue to rise across the continent, there is a growing awareness of the risks associated with property ownership. This has led to an uptick in demand for property insurance products to safeguard against potential losses from natural disasters, theft, or other unforeseen events.

Trends in the market: One notable trend in the African Property Insurance market is the emergence of innovative insurance products tailored to the specific needs of local customers. Insurers are introducing flexible policies that cater to different income levels and property types, making insurance more accessible to a wider range of individuals and businesses. Additionally, there is a growing emphasis on digitalization within the industry, with more insurers leveraging technology to streamline processes and enhance customer experience.

Local special circumstances: In Africa, the Property Insurance market is influenced by unique local circumstances such as regulatory environments, infrastructure challenges, and varying levels of economic development across countries. Insurers must navigate these factors to effectively penetrate different markets and tailor their offerings to meet the specific needs of diverse customer segments. Additionally, cultural perceptions of insurance and risk mitigation play a role in shaping the demand for property insurance in the region.

Underlying macroeconomic factors: The growth of the Property Insurance market in Africa is also supported by favorable macroeconomic trends, including steady economic growth, increasing foreign investment, and a rising middle class. As disposable incomes expand and asset ownership grows, more individuals and businesses are seeking to protect their properties through insurance coverage. Furthermore, the impact of climate change and the growing frequency of natural disasters in the region have underscored the importance of property insurance as a means of mitigating financial risks associated with such events.

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 Finance market, in a PDF format.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.

Property Insurance - Africa

Gross Written Premium

Analyst Opinion

Methodology

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