Market Insights Financial Insurances Non-life insurances

Property Insurance - Angola

Angola

The Property Insurance market market in Angola is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is anticipated to reach US$0.32bn in 2024.
This indicates a positive trend and reflects the increasing importance of Property Insurance market in the country.
Furthermore, the average spending per capita in the Property Insurance market market is expected to amount to US$8.55 in 2024.
This figure highlights the individual expenditure on Property Insurance market and demonstrates the potential demand within the Angolan market.
Looking ahead, the market is projected to experience a steady annual growth rate of -1.60% from 2024 to 2028.
This growth rate, also known as the Compound Annual Growth Rate (CAGR), is expected to result in a market volume of US$0.30bn by 2028.
These numbers indicate a positive trajectory for the Property Insurance market sector in Angola, showcasing its potential for expansion and development.
In a global context, it is worth noting that the United States leads in terms of gross written premium generation.
This market is projected to reach US$240.4bn in 2024, reaffirming the US's position as a major player in the Property Insurance market industry.
In summary, the Property Insurance market market in Angola is poised for growth, with expectations of increasing market size, average spending per capita, and overall volume.
However, it is important to consider the global landscape, particularly the dominance of the United States in terms of gross written premium.
Angola's property insurance market is experiencing a surge in demand due to increased foreign investment and infrastructure development in the country.

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Analyst Opinion

The Property Insurance market in Angola is experiencing significant growth and development. Customer preferences in the Angolan Property Insurance market are shifting towards comprehensive coverage that not only protects against traditional risks such as fire and theft but also includes coverage for natural disasters and other unforeseen events. Customers are increasingly seeking tailored insurance solutions that provide a sense of security and peace of mind for their real estate investments. Trends in the market indicate a rise in demand for Property Insurance products as the real estate sector in Angola continues to expand. With an increasing number of residential and commercial properties being developed, there is a growing need for insurance coverage to protect these assets. Insurance companies are responding to this demand by offering innovative products and services that cater to the specific needs of property owners and investors. Local special circumstances in Angola, such as the country's vulnerability to natural disasters like floods and storms, are driving the growth of the Property Insurance market. As climate change poses a greater threat to the region, property owners are recognizing the importance of having insurance coverage that safeguards their assets against potential risks. This awareness is fueling the adoption of Property Insurance policies across the country. Underlying macroeconomic factors, including a stable economic environment and government initiatives to promote the insurance sector, are also contributing to the growth of the Property Insurance market in Angola. As the economy continues to strengthen and insurance regulations become more robust, insurance companies are able to operate more effectively and offer a wider range of products to customers. This favorable macroeconomic landscape is creating opportunities for growth and expansion within the Property Insurance market.

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.