Non-life insurances - Rwanda | Statista Market Forecast

The Non-life insurance market in Rwanda is projected to reach a market size (gross written premium) of US$984.90m in 2024.
The average spending per capita in the Non-life insurance market is expected to be US$68.33 in 2024.
The gross written premium is forecasted to have an annual growth rate (CAGR 2024-2029) of 2.57%, resulting in a market volume of US$1.12bn by 2029.
In global comparison, the United States is expected to generate the highest gross written premium of US$2.5tn in 2024.
Rwanda's non-life insurance market is experiencing a surge in demand, fueled by strong economic growth and increasing awareness of the importance of insurance coverage.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.