Property Insurance - Ghana | Statista Market Forecast

The Property Insurance market market in Ghana is expected to reach a projected market size (gross written premium) of US$396.60m in 2024.
Furthermore, the average spending per capita in the Property Insurance market market is anticipated to amount to US$11.41 in the same year.
The market is projected to exhibit a steady annual growth rate (CAGR 2024-2029) of 2.53%, resulting in a market volume of US$449.40m by 2029.
In comparison to other countries, the United States is expected to generate the highest gross written premium with a staggering amount of US$240.4bn in 2024.
Ghana's property insurance market is experiencing steady growth due to increased urbanization and the need to protect valuable assets.

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 Ghana is experiencing significant growth and development.

Customer preferences: Customers in Ghana are increasingly seeking property insurance coverage to protect their assets and investments. With the growing awareness of the importance of insurance, more individuals and businesses are opting for property insurance to safeguard against potential risks such as natural disasters, theft, and fire damage.

Trends in the market: One of the key trends in the Ghanaian property insurance market is the introduction of innovative insurance products tailored to the specific needs of customers. Insurance companies are offering flexible coverage options and customized policies to cater to diverse requirements. Additionally, there is a rise in the adoption of digital platforms for purchasing insurance, making it more convenient for customers to access and manage their policies.

Local special circumstances: Ghana's property insurance market is also influenced by local factors such as urbanization and infrastructure development. As the country experiences rapid urban growth and construction activities, there is a corresponding increase in the demand for property insurance to protect these valuable assets. Moreover, regulatory changes and government initiatives to promote insurance coverage further contribute to the market's evolution.

Underlying macroeconomic factors: The growth of the property insurance market in Ghana is supported by favorable macroeconomic conditions, including stable economic growth and a rising middle-class population. As disposable incomes increase, more individuals are able to afford insurance products, driving the expansion of the market. Additionally, the government's efforts to improve financial literacy and promote insurance awareness have also played a role in shaping the market dynamics.

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.