Property Insurance - Uganda | Statista Market Forecast

The Property Insurance market market in Uganda is expected to reach a market size (gross written premium) of US$309.50m in 2024.
On average, each person in Uganda is projected to spend US$6.20 on Property Insurance market in the same year.
The gross written premium is anticipated to have an annual growth rate (CAGR 2024-2029) of 3.63%, resulting in a market volume of US$369.80m by 2029.
When compared globally, the United States is expected to generate the highest gross written premium of US$240.4bn in 2024.
The property insurance market in Uganda is experiencing a surge in demand due to the increasing awareness of the importance of protecting assets against potential risks.

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 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.

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.