The Non-life insurances market in Rwanda has been experiencing significant growth and development in recent years. Customer preferences in the Rwandan non-life insurance market are shifting towards more comprehensive coverage options, reflecting a growing awareness of the importance of insurance protection. Customers are increasingly seeking policies that provide coverage for a wide range of risks, including property damage, liability, and motor vehicle accidents. Trends in the Rwandan non-life insurance market indicate a notable increase in the uptake of insurance products across various sectors. This growth can be attributed to the expanding middle class, urbanization, and increasing disposable income levels in the country. As more Rwandans recognize the value of insurance in mitigating financial risks, the demand for non-life insurance products continues to rise. Local special circumstances in Rwanda, such as the government's efforts to promote financial inclusion and regulatory reforms in the insurance sector, have contributed to the positive trajectory of the non-life insurance market. The introduction of innovative insurance products tailored to the needs of specific customer segments has also played a crucial role in driving market growth. Underlying macroeconomic factors, including stable economic growth, a favorable business environment, and increasing foreign direct investment, have created a conducive landscape for the expansion of the non-life insurance market in Rwanda. As the country continues to develop and diversify its economy, the demand for insurance products is expected to further increase, presenting opportunities for both domestic and international insurers to capitalize on this trend.
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)
