Market Insights Financial Insurances Non-life insurances

Property Insurance - Equatorial Guinea

Equatorial Guinea

The Property Insurance market market in Equatorial Guinea is expected to reach a projected market size of US$231.60m in 2024.
On average, each person in Equatorial Guinea is estimated to spend US$131.90 on Property Insurance market in the same year.
The market is anticipated to grow at an annual rate of 2.55% (CAGR 2024-2028), resulting in a market volume of US$256.10m by 2028.
When compared globally, the United States is predicted to generate the highest gross written premium of US$214.7bn in 2024.
Equatorial Guinea's property insurance market is experiencing a surge in demand due to increased investments in infrastructure and real estate development.

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Analyst Opinion

The Property Insurance market in Equatorial Guinea is experiencing notable growth and evolution in recent years. Customer preferences in the property insurance market in Equatorial Guinea are shifting towards comprehensive coverage that not only protects against traditional risks like fire and theft, but also includes provisions for natural disasters and other unforeseen events to safeguard their properties effectively. Trends in the market indicate a rising demand for property insurance products in Equatorial Guinea, driven by an increasing awareness among individuals and businesses about the importance of protecting their assets. Insurers are responding to this trend by offering innovative and customized insurance solutions to cater to the specific needs of the local market. Local special circumstances, such as the country's vulnerability to natural disasters like floods and hurricanes, are influencing the growth of the property insurance market in Equatorial Guinea. As individuals and businesses seek financial protection against these risks, the demand for comprehensive property insurance policies continues to rise. Underlying macroeconomic factors, including steady economic growth and increasing investments in infrastructure development, are also contributing to the expansion of the property insurance market in Equatorial Guinea. As the country's economy continues to grow, more properties are being built or renovated, creating a greater need for insurance coverage to mitigate potential risks and losses.

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.