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.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
The Property Insurance market in Rwanda has been experiencing significant growth and development in recent years. Customer preferences in the Rwandan market are shifting towards a greater demand for property insurance coverage due to increasing awareness of the benefits of protecting assets against various risks. Customers are increasingly looking for comprehensive insurance packages that not only cover property damage but also offer additional services such as liability coverage and assistance in case of emergencies. Trends in the market indicate a rise in the number of insurance companies offering property insurance products in Rwanda. This increased competition has led to innovation in product offerings, with companies introducing new features and services to attract customers. Additionally, the growing middle class in Rwanda is driving demand for property insurance as more individuals seek to protect their homes and assets. Local special circumstances in Rwanda, such as the government's focus on promoting economic growth and stability, have created a conducive environment for the expansion of the property insurance market. The government's support for the insurance sector through regulatory frameworks and initiatives to increase financial literacy has further boosted the market. Underlying macroeconomic factors, including Rwanda's steady economic growth, urbanization, and infrastructure development, have contributed to the growth of the property insurance market. As the country continues to develop, the need for property insurance to protect investments in real estate and infrastructure becomes more apparent, driving further growth in 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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights