Contact
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)
The Insurances market in EAEU is experiencing significant growth and development.
Customer preferences: Customers in the EAEU region are increasingly seeking insurance products that offer comprehensive coverage and financial security. With rising disposable incomes and awareness about the importance of insurance, there is a growing demand for a wide range of insurance products including health, life, property, and auto insurance.
Trends in the market: In Kazakhstan, there is a noticeable trend towards digitalization in the insurance sector, with more customers opting to purchase insurance online. This shift is driven by the convenience and accessibility of online platforms. On the other hand, in Armenia, there is a growing interest in microinsurance products tailored to meet the needs of low-income individuals and small businesses. This trend is fueled by efforts to increase insurance penetration in the country.
Local special circumstances: In Belarus, the government plays a significant role in the insurance market, with a focus on promoting stability and growth in the sector. This has led to a more regulated market compared to other EAEU countries. In Kyrgyzstan, the insurance market is characterized by a high level of competition among insurance companies, leading to innovative product offerings and competitive pricing to attract customers.
Underlying macroeconomic factors: The economic stability and growth in the EAEU region have contributed to the positive development of the insurance market. As the middle class expands and disposable incomes rise, more individuals and businesses are looking to protect their assets and mitigate risks through insurance coverage. Additionally, regulatory reforms and initiatives aimed at increasing insurance penetration have created a conducive environment for the growth of the insurance sector in the EAEU.
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)