Non-life insurances - Togo

Togo

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$1,038.00m by 2029.
In global comparison, the United States is anticipated to generate the highest gross written premium of US$2,500.0bn in 2024.
Togo's non-life insurance market is experiencing a surge in demand as more businesses seek protection against potential risks and losses.

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Analyst Opinion

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.

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.