Property Insurance - Gambia | Statista Market Forecast

The Property Insurance market market in Gambia is expected to reach a market size (gross written premium) of US$135.20m in 2024.
The average spending per capita in the Property Insurance market market is projected to be US$47.58 in 2024.
The market is anticipated to grow at an annual growth rate (CAGR 2024-2029) of 1.88%, resulting in a market volume of US$148.40m by 2029.
In comparison to other countries, the United States is expected to generate the highest gross written premium of US$240.4bn in 2024.
As a journalist with deep knowledge about history, facts, and insights in the Insurances market, particularly in Property Insurance, I can provide you with a country-specific statement about current trends in Gambia: Gambia's property insurance market is experiencing a surge in demand due to the country's growing real estate sector and increasing awareness of the need for protection against natural disasters.

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

The Property Insurance market in Gambia has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Gambia are increasingly recognizing the importance of protecting their properties against unforeseen events such as natural disasters, fires, and theft. As a result, there is a growing demand for property insurance products that can provide financial security and peace of mind to homeowners and businesses.

Trends in the market: One notable trend in the Gambian Property Insurance market is the introduction of innovative insurance products tailored to the specific needs of local customers. Insurers are offering policies that cover traditional huts, as well as modern buildings, to cater to the diverse housing structures in the country. Additionally, there is a rising interest in comprehensive property insurance packages that bundle coverage for both buildings and contents.

Local special circumstances: The unique geographical location of Gambia, with its susceptibility to flooding and other natural disasters, has led to an increased awareness of the importance of property insurance among residents. The government's efforts to promote insurance penetration in the country have also contributed to the growth of the Property Insurance market.

Underlying macroeconomic factors: The stable economic growth in Gambia has boosted the overall purchasing power of the population, enabling more individuals and businesses to invest in property insurance. Additionally, the regulatory environment in the country has become more conducive to the insurance industry, leading to increased competition among insurers and a wider range of insurance products available to 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.

This report presents a comprehensive analysis and additional information on the Financial 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.