Life insurance - Kyrgyzstan | Statista Market Forecast

The Life insurance market market in Kyrgyzstan is projected to reach a market size (gross written premium) of US$610.90m in 2024.
The average spending per capita in the Life insurance market market is expected to amount to US$89.32 in 2024.
This indicates a positive trend in the country's insurance sector.
Furthermore, the gross written premium is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.89%.
This growth is projected to result in a market volume of US$739.10m by 2029.
These figures highlight the potential for further expansion and development of the Life insurance market market in Kyrgyzstan.
It is worth noting that in terms of global comparison, the United States is expected to generate the highest gross written premium, reaching an impressive US$1.3tn in 2024.
This showcases the dominance and significance of the US market in the Life insurance market sector on a global scale.
However, Kyrgyzstan's growing market size and potential indicate opportunities for further growth and competition within the industry.
Kyrgyzstan's life insurance market is rapidly expanding, driven by increasing awareness of the need for financial protection.

Definition:

Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, and the share of insureds in the total population for over 50 countries.

Death benefit insurance
Endowment insurance
Disability insurance
Dowry insurance
Birth insurance
Term life insurance
Whole life insurance
Universal life insurance
Burial insurance
Other types of life insurance

Health Insurance
All non-life insurance types
Reinsurance

Kyrgyzstan, a country known for its stunning mountain landscapes and nomadic traditions, has seen interesting developments in its Life insurance market. Customer preferences in Kyrgyzstan indicate a growing awareness and understanding of the importance of life insurance as a means of financial protection for individuals and their families. Customers are increasingly seeking comprehensive life insurance policies that offer not only coverage in case of death, but also investment and savings components to help secure their future. Trends in the market show a shift towards more innovative life insurance products tailored to the specific needs of the Kyrgyz population. Insurers are introducing policies that cater to the unique risks and challenges faced by individuals in the country, such as coverage for traditional livelihoods like livestock herding or crop farming. Additionally, there is a noticeable increase in the use of digital channels for selling and managing life insurance policies, making it more accessible to a wider audience. Local special circumstances, such as the high level of economic informality in Kyrgyzstan, play a significant role in shaping the life insurance market. Many individuals in the country work in the informal sector, which can lead to irregular income streams and financial instability. As a result, there is a growing demand for life insurance products that offer flexible payment options and coverage terms to accommodate the unique financial situations of customers. Underlying macroeconomic factors, including economic growth and stability, also influence the development of the life insurance market in Kyrgyzstan. As the country's economy continues to expand, more individuals are looking for ways to protect their assets and secure their financial future, driving the demand for life insurance products. Additionally, regulatory reforms and government initiatives aimed at promoting the insurance sector are creating a more conducive environment for insurers to operate and innovate in the market.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

The biggest life insurance market globally is the United States, and it was almost twice as large as the second-biggest market, China. People take out life insurance to financially support their loved ones after their death. The payout is often used to cover funeral expenses, replace income earned by the deceased, or pay for children's education. It can be paid out in a lump sum or as an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third-largest life insurance markets were China and the United Kingdom, respectively.