Insurances - CIS

The Insurances market in the CIS region is projected to reach a market size (gross written premium) of US$57.94bn by 2024.
Non-Life Insurances dominates this market with a projected market volume of US$36.19bn in 2024.
The average spending per capita in the Insurances market is expected to amount to US$238.80 in 2024.
In a global comparison, the United States holds the highest nominal value, reaching US$3,788.0bn by 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2029) of 2.70%, resulting in a market volume of US$66.21bn by 2029.
The United States will continue to generate the most gross written premium in the global comparison, reaching US$3,788.0bn in 2024.
In the CIS, insurance companies are increasingly offering cyber insurance policies due to the growing threat of cyber attacks.

Market

Region

Region comparison

Currency

Analyst Opinion

The Insurances market in CIS has been experiencing significant growth and development in recent years. Customer preferences in the CIS region have been shifting towards more comprehensive insurance coverage, including health, property, and life insurance. Customers are becoming more aware of the importance of being financially protected against unexpected events, driving the demand for a wider range of insurance products. Trends in the market show a rise in digitalization and online insurance services, making it easier for customers to research, compare, and purchase insurance policies. This shift towards digital channels has opened up new opportunities for insurance companies to reach a larger customer base and improve operational efficiency. Local special circumstances in the CIS region, such as varying regulatory environments and economic conditions across different countries, play a significant role in shaping the insurance market. Each country in the CIS has its own unique market dynamics, cultural preferences, and regulatory frameworks that impact the growth and development of the insurance industry. Underlying macroeconomic factors, such as GDP growth, inflation rates, and disposable income levels, also influence the insurance market in the CIS region. As the economy continues to grow and consumer purchasing power increases, the demand for insurance products is expected to rise correspondingly. Additionally, changes in government policies and regulations can have a direct impact on the insurance market, shaping the competitive landscape and driving innovation in product offerings.

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.