Is Mozambique's Insurance Market Overlooked? Uncovering its Potential
- The Trade Adviser
- Mar 18, 2024
- 1 min read
Updated: Jun 1
The Mozambican insurance market is a fascinating study in contrasts. It's both underdeveloped and overflowing with exciting potential. With its untapped customer base, growing economy, and emerging regulatory reforms, there are huge opportunities for those who understand the challenges and are willing to invest strategically.
The Market in Numbers
To grasp the scope, let's consider some key figures:
Market Size: Gross written premiums are projected to reach approximately $1.75 billion USD by 2024. (https://www.statista.com/outlook/fmo/insurances/mozambique)
Insurance Penetration: Compared to other African nations, Mozambique's insurance penetration (premiums as a percentage of GDP) is low – well under 2%.