The Property Insurance market in Sudan has been experiencing significant growth and development in recent years. Customer preferences in Sudan lean towards property insurance coverage that provides comprehensive protection against natural disasters, such as floods and droughts, which are common in the region. Additionally, customers are increasingly seeking policies that offer coverage for theft and vandalism, reflecting a growing awareness of the need for financial security. Trends in the Sudanese Property Insurance market indicate a shift towards innovative products that cater to the specific needs of property owners in the country. Insurers are introducing new policy options that combine property insurance with other types of coverage, such as life insurance or health insurance, to provide customers with more holistic protection. Local special circumstances, such as the unstable political environment and ongoing conflicts in certain regions of Sudan, have contributed to an increased demand for property insurance. Property owners are looking to safeguard their assets against potential damage or loss resulting from civil unrest or other unforeseen events. Underlying macroeconomic factors, including the country's economic growth and rising disposable incomes, have also played a role in driving the expansion of the Property Insurance market in Sudan. As more individuals and businesses accumulate wealth and invest in real estate, the need for insurance coverage to protect these assets becomes more pronounced. Additionally, regulatory reforms aimed at strengthening the insurance sector have created a more favorable environment for insurers to operate and innovate 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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
