Non-life insurances - Togo | Statista Market Forecast

The Non-life insurance market in Togo is projected to reach a market size (gross written premium) of US$887.00m in 2024.
The average spending per capita in the Non-life insurance market in Togo is estimated to be US$95.78 in the same year.
The gross written premium is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 3.19%, leading to a market volume of US$1.04bn by 2029.
In global comparison, the United States is anticipated to generate the highest gross written premium of US$2.5tn in 2024.
Togo's non-life insurance market is experiencing a surge in demand as more businesses seek protection against potential risks and losses.

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 Togo has been showing steady growth and development in recent years.

Customer preferences: Customers in Togo are increasingly seeking non-life insurance products that provide comprehensive coverage at affordable prices. They are also showing a growing interest in insurance products that offer benefits beyond traditional coverage, such as value-added services and digital solutions to enhance their overall experience.

Trends in the market: One of the key trends in the non-life insurance market in Togo is the increasing adoption of technology and digital platforms by insurance companies to streamline processes, improve efficiency, and enhance customer service. This trend is driven by the growing demand for convenience and accessibility among customers, as well as the need for insurance companies to stay competitive in the market.

Local special circumstances: In Togo, the non-life insurance market is also influenced by local regulations and government policies aimed at promoting financial inclusion and increasing insurance penetration in the country. These initiatives have created opportunities for insurance companies to expand their customer base and offer tailored products to meet the specific needs of the local population.

Underlying macroeconomic factors: The growth of the non-life insurance market in Togo is supported by favorable macroeconomic conditions, such as stable economic growth, increasing disposable income levels, and a growing middle class. These factors have contributed to the rising awareness of the importance of insurance among the population and have driven the demand for non-life insurance products in the country.

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.