Non-life insurances - Sudan

Sudan

The Non-life insurance market in Sudan is expected to witness significant growth in the coming years.
By 2025, the market size (gross written premium) is projected to reach US$1,241.00m.
This indicates a positive trend in the insurance sector within the country.
Furthermore, the average spending per capita in the Non-life insurance market is predicted to amount to US$24.51 in 2025.
This figure showcases the level of financial commitment individuals are willing to make towards insuring their non-life assets.
Moreover, the gross written premium is anticipated to exhibit an annual growth rate (CAGR 2025-2029) of 5.70%.
This steady growth rate points towards a promising future for the Non-life insurance market in Sudan.
By 2029, it is estimated that the market volume will reach US$1,549.00m, indicating a healthy expansion.
In comparison to other countries worldwide, the United States is expected to generate the highest gross written premium in the Non-life insurance market.
In 2025, it is projected to reach a staggering US$2,591.0bn.
This showcases the dominance of the US market in terms of non-life insurance coverage and investments.
Overall, Sudan's Non-life insurance market shows great potential for growth and development in the coming years, contributing to the overall economic progress of the country.
Sudan's non-life insurance market is experiencing a surge in demand driven by increased awareness and government initiatives.

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Analyst Opinion

The Non-life insurances market in Sudan has been experiencing notable developments in recent years.

Customer preferences: Customers in Sudan are increasingly seeking non-life insurance products to protect their assets and investments. This growing demand can be attributed to a rising awareness of the importance of insurance coverage in mitigating risks associated with property damage, accidents, and other unforeseen events.

Trends in the market: One of the key trends in the non-life insurance market in Sudan is the introduction of innovative insurance products tailored to the specific needs of customers. Insurers are focusing on providing comprehensive coverage options that address the unique risks faced by individuals and businesses in the country. Additionally, there is a noticeable trend towards digitalization in the insurance sector, with more companies offering online platforms for purchasing policies and managing claims.

Local special circumstances: Sudan's non-life insurance market is influenced by the country's economic and political landscape. The recent political transitions and economic reforms have created a more conducive environment for insurance companies to operate. Additionally, the increasing urbanization and infrastructure development in Sudan have led to a greater need for property and casualty insurance products.

Underlying macroeconomic factors: The growth of the non-life insurance market in Sudan is also supported by favorable macroeconomic factors. The country's improving GDP per capita and rising disposable incomes are driving higher spending on insurance products. Furthermore, regulatory reforms aimed at strengthening the insurance sector and increasing consumer protection have contributed to the market's development.

Methodology

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.