Insurances - Togo

Togo

The Insurances market in Togo is projected to reach a market size (gross written premium) of US$1.60bn in 2024.
Non-Life Insurances dominates the market with a projected market volume of US$0.89bn in 2024.
The average spending per capita in the Insurances market amounts to US$172.20 in 2024.
When compared globally, the United States leads with the highest nominal value, reaching US$3,788.0bn in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2029) of 3.17%, resulting in a market volume of US$1.87bn by 2029.
In global comparison, the United States will generate the highest gross written premium of US$3,788.0bn in 2024.
Togo's insurance market is experiencing significant growth due to the government's initiatives to promote financial inclusion and increase awareness about the importance of insurance.

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Analyst Opinion

The Insurances market in Togo has been experiencing steady growth and development in recent years. Customer preferences in the insurance market in Togo are shifting towards more comprehensive coverage options that provide a wider range of benefits. Customers are increasingly looking for insurance products that offer not only traditional coverage for health and property, but also innovative solutions such as cyber insurance and climate risk protection. Trends in the market show a growing demand for microinsurance products tailored to the needs of low-income individuals and small businesses in Togo. This trend is driven by the increasing awareness of the importance of insurance coverage among these underserved segments of the population, as well as the efforts of insurance companies to expand their customer base. Local special circumstances in Togo, such as the government's initiatives to promote financial inclusion and regulatory reforms to strengthen the insurance sector, are contributing to the growth of the market. These special circumstances create a favorable environment for insurance companies to introduce new products and services, as well as to reach out to previously untapped market segments. Underlying macroeconomic factors, including stable economic growth, a growing middle class, and increasing urbanization, are also playing a significant role in the development of the insurance market in Togo. As the country's economy continues to expand, more individuals and businesses are seeking to protect their assets and mitigate risks through insurance coverage, driving the overall growth of the market.

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.