Non-life insurances - Zimbabwe

Zimbabwe

The Non-life insurances market market in Zimbabwe is expected to reach a market size (gross written premium) of US$1,380.00m in 2024.
This projection indicates a positive trend for the country's insurance sector.
Furthermore, in the same year, the average spending per capita in the Non-life insurances market market is estimated to be US$81.06.
This metric demonstrates the level of individual investment in insurance coverage withZimbabwe.
Looking ahead, the gross written premium is projected to experience a compound annual growth rate (CAGR 2024-2028) of -5.73%.
This growth rate suggests a promising future for the Non-life insurances market market, with an anticipated market volume of US$1,090.00m by 2028.
This expansion reflects the increasing demand for insurance products and services within the country.
In a global perspective, it is noteworthy that the United States leads in generating the highest gross written premium within the Non-life insurances market market.
In 2024, the United States is projected to reach a staggering amount of US$3,371.0bn in gross written premium.
This indicates the significant size and influence of the American insurance industry on a global scale.
The non-life insurance market in Zimbabwe is witnessing a growing demand for policies covering agricultural risks due to the country's heavy reliance on agriculture.

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Analyst Opinion

The Non-life insurances market in Zimbabwe is showing promising signs of growth and development. Customer preferences in the market are shifting towards more comprehensive coverage options and tailored insurance solutions. Customers are increasingly seeking policies that provide protection against a wide range of risks, including property damage, motor vehicle accidents, and other non-life related incidents. This trend is in line with global preferences where customers are looking for more personalized and flexible insurance products to meet their specific needs. Trends in the market indicate a rise in demand for non-life insurance products in Zimbabwe. As the country's economy continues to stabilize and grow, there is an increasing awareness among individuals and businesses about the importance of having adequate insurance coverage. This has led to a steady increase in the uptake of non-life insurance policies across various sectors, including property, health, and liability insurance. Local special circumstances in Zimbabwe, such as the impact of natural disasters and political stability, play a significant role in shaping the non-life insurance market. The country's exposure to natural disasters, such as droughts and floods, has highlighted the need for insurance coverage to protect against such risks. Additionally, the political stability in Zimbabwe has instilled confidence in the insurance market, leading to a growing interest in non-life insurance products among both individuals and businesses. Underlying macroeconomic factors, such as GDP growth, inflation rates, and regulatory reforms, are also contributing to the development of the non-life insurance market in Zimbabwe. A growing economy and stable inflation rates have increased the purchasing power of consumers, enabling them to invest in insurance products. Furthermore, regulatory reforms aimed at enhancing transparency and consumer protection have helped build trust in the insurance sector, driving the growth of non-life insurance 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.