Market Insights Financial Insurances Non-life insurances

Property Insurance - Northern Africa

Northern Africa

The Property Insurance market market in Northern Africa is expected to reach a projected market size (gross written premium) of US$1.86bn in 2024.
Furthermore, the average spending per capita in the Property Insurance market market is estimated to be US$7.14 in the same year.
Looking ahead, the gross written premium is anticipated to display an annual growth rate (CAGR 2024-2028) of 4.40%, resulting in a market volume of US$2.21bn by 2028.
It is worth noting that in global comparison, the United States is expected to generate the highest gross written premium of US$214.7bn in 2024.
In Northern Africa, the property insurance market is growing steadily due to increased urbanization and infrastructure development in countries like Egypt and Morocco.

Market

Region

Region comparison

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Analyst Opinion

The Property Insurance market in Northern Africa is witnessing significant growth and development in recent years. Customer preferences in the region are shifting towards seeking comprehensive coverage for their properties, including protection against natural disasters, theft, and other unforeseen events. Customers are increasingly looking for insurance policies that offer a wide range of benefits and competitive premiums to ensure the safety and security of their assets. Trends in the market indicate a rise in demand for property insurance products that cater to specific needs, such as tailored coverage for high-value properties or commercial real estate. Insurers are adapting to these trends by introducing innovative products and services to meet the evolving needs of customers in Northern Africa. Local special circumstances, such as political stability and regulatory reforms, are playing a crucial role in shaping the Property Insurance market in Northern Africa. As governments in the region focus on improving regulatory frameworks and promoting foreign investment, the insurance sector is experiencing a positive impact with increased competition and market growth. Underlying macroeconomic factors, including economic growth, urbanization, and infrastructure development, are driving the expansion of the Property Insurance market in Northern Africa. As the region experiences rapid urbanization and a growing middle class, the demand for property insurance is expected to continue rising, presenting opportunities for insurers to expand their market presence and offerings.

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.