Property Insurance - Zimbabwe | Statista Market Forecast

The Property Insurance market market in Zimbabwe is projected to reach a gross written premium of ZWL US$358.80m in 2024.
In the same year, the average spending per capita in this market is expected to amount to ZWL US$21.08.
Looking ahead, the gross written premium is anticipated to grow at an annual rate of 1.42% between 2024 and 2029, resulting in a market volume of ZWL US$384.90m by 2029.
When compared globally, the United States is forecasted to generate the highest gross written premium of US$240.4bn in 2024.
The property insurance market in Zimbabwe is experiencing a surge in demand due to increased 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 Zimbabwe is showing promising signs of growth and development. Customer preferences in the market are shifting towards more comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly looking for policies that not only cover property damage but also offer additional benefits such as liability protection and alternative accommodation in case of emergencies. Trends in the market indicate a rise in demand for property insurance products as the economy stabilizes and disposable incomes increase. This trend is further fueled by the growing awareness among property owners about the importance of insurance in safeguarding their assets against unforeseen events such as natural disasters or theft. Local special circumstances, such as the country's history of political instability and hyperinflation, have contributed to a certain level of mistrust in traditional financial institutions. As a result, more individuals and businesses are turning to property insurance as a reliable means of protecting their investments and securing their financial future. Underlying macroeconomic factors, including regulatory reforms aimed at strengthening the insurance industry and promoting market competition, are also driving the growth of the Property Insurance market in Zimbabwe. Additionally, the government's efforts to improve infrastructure and attract foreign investment are creating a conducive environment for the expansion of the insurance sector.

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.