Staff Writer
Zimbabwe’s insurance market is projected to reach a market size (gross written premium) of US$2.51 billion in 2025, as the market has been experiencing notable developments and trends in recent years.
Statista, a global data and business intelligence platform, in a report on insurance, said within the market, non-life insurance dominates with a projected market volume of US$1.45 billion in 2025.
“The average spending per capita in the insurance market is estimated to be US$144.71 in 2025,” reads part of the report.
The firm said when comparing globally, the United States leads with the highest nominal value of US$3.9 trillion in 2025.
“It is expected that the gross written premium will grow at an annual rate of 0.69% (CAGR 2025-2029), resulting in a market volume of US$2.58bn by 2029.”
Statista said in the global comparison, the United States will continue to generate the highest gross written premium of US$3.9 trillion in 2025.
According to the report, Zimbabwe’s insurance market is experiencing a surge in demand for agricultural insurance due to the country’s heavy reliance on agriculture as a key economic sector.
The report noted that customer preferences in the insurance market in Zimbabwe have been shifting towards more comprehensive coverage options, reflecting a growing awareness of the importance of insurance protection.
“Customers are increasingly seeking policies that offer a wider range of benefits and coverage, indicating a maturing market where individuals and businesses are looking to safeguard their assets and mitigate risks.
“Trends in the market show a significant increase in the uptake of digital insurance solutions and online distribution channels.
“This trend is driven by the growing penetration of internet services and mobile technology in Zimbabwe, making it easier for insurance companies to reach a larger customer base and streamline their operations,” reads the report.
Additionally, it reads that there is a rise in demand for innovative insurance products tailored to specific needs, such as micro-insurance for low-income households and specialised coverage for emerging industries.
Local special circumstances, such as the economic challenges and currency fluctuations in Zimbabwe, have had a direct impact on the insurance market.
“In response to these uncertainties, insurance companies have been adjusting their product offerings and pricing strategies to remain competitive and sustainable in the market.
“Moreover, regulatory changes and compliance requirements have also influenced the way insurance products are structured and marketed in Zimbabwe.
“Underlying macroeconomic factors, including inflation rates, GDP growth, and foreign exchange dynamics, play a crucial role in shaping the insurance market in Zimbabwe,” according to Statista.
Economic stability and growth prospects are key determinants of consumer confidence and purchasing power, which ultimately affect the demand for insurance products.
The report noted that as the economy continues to evolve, insurance companies in Zimbabwe will need to adapt to changing market conditions and customer preferences to maintain their competitiveness and drive growth in the industry.
Insurance has become a fundamental cornerstone of today’s economy, providing financial security in an otherwise uncertain world.
From protecting individual livelihoods to upholding commercial ventures, the global insurance industry has continued to grow.
Both the number and cost of global risks are rising due to drivers such as climate change and cybercrime, and these trends are impacting the insurance industry.
The global insurance market was worth roughly eight trillion U.S. dollars in 2024, but this looks set to increase substantially in the coming years.
Cybercrime 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.
Statista is a global data and business intelligence platform with an extensive collection of statistics, reports, and insights on over 80,000 topics from 22,500 sources in 170 industries.
Established in Germany in 2007, Statista operates in 8 locations worldwide and employs around 1,100 professionals.
