The Insurances market in Bosnia and Herzegovina has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Bosnia and Herzegovina are increasingly seeking insurance products that provide comprehensive coverage at competitive prices. There is a growing demand for insurance policies that offer protection against a wide range of risks, including health, property, and life insurance. Additionally, customers are showing a preference for digital insurance services that offer convenience and accessibility.
Trends in the market: One notable trend in the Bosnian insurance market is the increasing adoption of technology and digital solutions by insurance companies. Insurers are leveraging digital platforms to streamline processes, enhance customer experience, and offer innovative insurance products. Another trend is the rising popularity of microinsurance products, which are tailored to the needs of low-income individuals and provide affordable coverage for specific risks.
Local special circumstances: The insurance market in Bosnia and Herzegovina is characterized by a high level of competition among insurance companies. This competitive landscape has led to insurers offering a wide range of products and services to attract and retain customers. Additionally, the regulatory environment in Bosnia and Herzegovina plays a significant role in shaping the insurance market, with regulations aimed at ensuring consumer protection and market stability.
Underlying macroeconomic factors: The growth of the insurance market in Bosnia and Herzegovina is closely tied to the overall economic conditions in the country. As the economy continues to develop and incomes rise, there is an increasing awareness of the importance of insurance among individuals and businesses. Moreover, the stability of the financial sector and the regulatory framework in Bosnia and Herzegovina are key factors influencing the growth and development of the insurance market in the country.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
