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The Property Insurance market in Uganda has been experiencing notable developments and trends in recent years. Customer preferences in the Ugandan Property Insurance market have been shifting towards more comprehensive coverage options that not only protect against traditional risks like fire and theft, but also include coverage for natural disasters and other unforeseen events. This change in preferences can be attributed to the increasing awareness among customers about the importance of having adequate insurance coverage to safeguard their properties. Trends in the market indicate a growing demand for Property Insurance products in Uganda, driven by factors such as urbanization, infrastructure development, and a rise in property investments. As more individuals and businesses acquire properties, the need for insurance protection has become more apparent, leading to a steady increase in the uptake of Property Insurance policies across the country. Local special circumstances, such as the vulnerability of certain regions in Uganda to natural disasters like floods and landslides, have also played a significant role in shaping the Property Insurance market. Insurers have been prompted to offer specialized products that cater to the unique risks faced by property owners in these areas, further driving the growth of the market. Underlying macroeconomic factors, including a stable economic environment and regulatory reforms aimed at strengthening the insurance industry, have provided a favorable backdrop for the expansion of the Property Insurance market in Uganda. With a growing middle class and increasing disposable incomes, more individuals are able to afford property insurance, contributing to the overall growth and development 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.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)