Property Insurance - Malawi | Statista Market Forecast

The Property Insurance market market in Malawi is expected to witness significant growth in the coming years.
By 2024, the market size, measured by gross written premium, is projected to reach US$271.70m.
This indicates a positive trend in the country's insurance sector.
Furthermore, the average spending per capita in the Property Insurance market market is estimated to be US$12.65 in 2024.
This figure reflects the amount individuals in Malawi are willing to invest in insurance coverage for their properties.
Looking ahead, the gross written premium is anticipated to exhibit a compound annual growth rate (CAGR) of 1.90% from 2024 to 2029.
This growth trajectory is expected to result in a market volume of US$298.50m by 2029.
These numbers indicate a promising future for the Property Insurance market market in Malawi.
In a global context, it is worth noting that the United States leads in terms of gross written premium generation.
In 2024, the US is projected to generate a substantial amount of US$240.4bn.
This highlights the dominance of the US market in the Property Insurance market sector on a global scale.
In Malawi, property insurance is becoming increasingly popular as the country experiences rapid economic growth and a rise in property investments.

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 Malawi has been experiencing notable developments in recent years. Customer preferences in the Property Insurance market in Malawi are shifting towards more comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly looking for policies that not only cover property damage but also offer additional benefits such as liability coverage and coverage for natural disasters. Trends in the market show a growing demand for property insurance products in Malawi, driven by factors such as urbanization, increased construction activities, and a rising awareness of the importance of insurance coverage. As more residential and commercial properties are being built across the country, the need for property insurance is on the rise. Local special circumstances in Malawi, such as the country's vulnerability to natural disasters like floods and droughts, have also contributed to the growth of the Property Insurance market. The frequency of such events has highlighted the importance of having adequate insurance coverage to protect properties and assets from potential damages. Underlying macroeconomic factors, including a stable economic growth rate and a growing middle-class population, have further supported the development of the Property Insurance market in Malawi. As disposable incomes increase and the standard of living improves, more individuals and businesses are able to afford property insurance, driving the overall growth of the market.

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.