Non-life insurances - Senegal | Statista Market Forecast

The Non-life insurance market in Senegal is expected to reach a projected market size (gross written premium) of US$347.20m in 2024.
In the same year, the average spending per capita in the Non-life insurance market is estimated to be US$19.05.
This market is projected to experience an annual growth rate (CAGR 2024-2029) of 1.88%, resulting in a market volume of US$381.10m by 2029.
In comparison to other countries globally, the United States is anticipated to generate the highest gross written premium of US$2.5tn in 2024.
Senegal's non-life insurance market is experiencing a surge in demand due to the country's growing economy and increasing awareness about insurance protection.

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 Senegal is experiencing significant growth and development.

Customer preferences: Customers in Senegal are increasingly seeking non-life insurance products to protect their assets and mitigate risks associated with unforeseen events. The rising awareness of the importance of insurance coverage, coupled with the growing middle class and urbanization, has led to an increase in demand for various non-life insurance products.

Trends in the market: One notable trend in the Senegalese non-life insurance market is the expansion of product offerings to cater to diverse customer needs. Insurers are introducing innovative products such as property insurance, motor vehicle insurance, and health insurance to meet the evolving demands of the market. Additionally, there is a growing emphasis on digitalization and technology integration to enhance customer experience and streamline insurance processes.

Local special circumstances: Senegal's non-life insurance market is shaped by unique local circumstances, such as regulatory frameworks and cultural factors. The regulatory environment in Senegal is conducive to the growth of the insurance sector, with the government implementing policies to promote financial inclusion and stability. Moreover, cultural attitudes towards insurance are gradually shifting, with more individuals and businesses recognizing the value of being adequately insured.

Underlying macroeconomic factors: The development of the non-life insurance market in Senegal is also influenced by underlying macroeconomic factors. The country's stable economic growth, increasing disposable income, and infrastructure development are driving the demand for insurance products. As Senegal continues to attract foreign investments and expand its economy, the insurance sector is poised to benefit from the overall growth and stability of the country's financial landscape.

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.