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Property Insurance - Gabon

Gabon
  • The Property Insurance market market in Gabon is expected to reach a projected market size (gross written premium) of US$232.06m in 2025.
  • On average, each person in Gabon is projected to spend US$91.62 on Property Insurance market in 2025.
  • The gross written premium is anticipated to grow at an annual rate of 2.27% between 2025 and 2029, resulting in a market volume of US$253.89m by 2029.
  • In comparison to other countries, the United States is expected to generate the highest gross written premium of US$260.6bn in 2025.
  • Gabon's property insurance market is experiencing a surge in demand due to the nation's growing economy and increasing investments in real estate.

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.
In-Scope
  • 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
Out-Of-Scope
  • All other insurance types, such as life insurance and health insurance
  • Reinsurance
Non-life Insurances: market data & analysis - Cover

Market Insights report

Non-life Insurances: market data & analysis
CONTENTBOX_CAPTION_STUDY_DETAILS

    Gross Written Premium

    NOTES: Data was converted from local currencies using average exchange rates of the respective year.

    MOST_RECENT_UPDATE: Sep 2024

    SOURCE: Statista Market Insights

    NOTES: Data was converted from local currencies using average exchange rates of the respective year.

    MOST_RECENT_UPDATE: Sep 2024

    SOURCE: Statista Market Insights

    MOST_RECENT_UPDATE: Sep 2024

    SOURCE: Statista Market Insights

    Analyst Opinion

    The Property Insurance market in Gabon is showing promising signs of development and growth. Customer preferences in the Gabonese market are shifting towards more comprehensive property insurance coverage, driven by an increasing awareness of the importance of protecting assets. Customers are seeking policies that not only cover damages to their properties but also provide additional benefits such as liability coverage and assistance services. Trends in the market indicate a rise in demand for property insurance products tailored to specific needs, such as coverage for natural disasters and theft. Insurers in Gabon are adapting their offerings to meet these evolving demands, introducing innovative products and services to cater to a wider range of customers. Local special circumstances, such as the country's geographic location and exposure to natural disasters, play a significant role in shaping the Property Insurance market in Gabon. The susceptibility to events like flooding and tropical storms has heightened the importance of property insurance among Gabonese residents, leading to an increased uptake of insurance policies. Underlying macroeconomic factors, including a growing middle class and urbanization trend, are contributing to the expansion of the Property Insurance market in Gabon. As more individuals acquire properties and assets in urban areas, the need for insurance coverage to protect these investments becomes more pronounced, driving market growth. Overall, the Property Insurance market in Gabon is on a positive trajectory, driven by changing customer preferences, tailored insurance products, unique local circumstances, and underlying macroeconomic factors that support market expansion.

    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.

    Finance

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    Non-life Insurances: market data & analysis - BackgroundNon-life Insurances: market data & analysis - Cover

    Key Market Indicators

    NOTES: Based on data from IMF, World Bank, UN and Eurostat

    MOST_RECENT_UPDATE: Jan 2025

    SOURCE: Statista Market Insights

    OUTLOOK_EXPLORE_RELATED_TOPICS

    Property and casualty insurance in the United States - statistics & facts

    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.
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