Insurances - Brunei Darussalam

Brunei Darussalam

The Insurances market in Brunei Darussalam is projected to reach a gross written premium of US$1.48bn in 2024.
Among the different segments, Non-Life Insurances dominates the market with a projected market volume of US$0.77bn in 2024.
The average spending per capita in the Insurances market is expected to be US$3.24k in 2024.
When compared globally, the United States is expected to have the highest nominal value, reaching US$3,788.0bn in 2024.
The gross written premium is projected to show an annual growth rate (CAGR 2024-2029) of 3.76%, resulting in a market volume of US$1.78bn by 2029.
In global comparison, the United States is expected to generate the most gross written premium, reaching US$3,788.0bn in 2024.
Despite its small size, Brunei Darussalam has a highly developed insurance market, with a focus on Sharia-compliant products.

Market

Region

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Currency

Analyst Opinion

The Insurances market in Brunei Darussalam is experiencing a steady growth trajectory driven by various factors. Customer preferences in the insurance market of Brunei Darussalam are shifting towards more comprehensive coverage options, reflecting a global trend towards greater financial security and risk management. Customers are increasingly seeking tailored insurance products that provide coverage for a wide range of risks, including health, property, and vehicles. Trends in the market show a notable increase in the demand for digital insurance services, as customers in Brunei Darussalam embrace technology for convenience and efficiency. Insurers are responding to this trend by offering online platforms for policy purchases, claims processing, and customer support, enhancing the overall customer experience in the market. Local special circumstances in Brunei Darussalam, such as the small population size and high GDP per capita, create a unique environment for the insurance market. Insurers in the country focus on personalized services and niche products to cater to the specific needs of the affluent population. Additionally, the presence of a stable regulatory framework ensures consumer protection and promotes trust in the insurance sector. Underlying macroeconomic factors, including the country's stable economic growth and low unemployment rate, contribute to the positive outlook for the insurance market in Brunei Darussalam. As disposable incomes rise and financial literacy improves, more individuals and businesses are recognizing the importance of insurance as a risk management tool, driving further growth in 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.