Life insurance - Myanmar

Myanmar

The projected market size (gross written premium) of the Life insurance market market in Myanmar is expected to reach US$1.64bn in the year 2024.
Furthermore, the average spending per capita in the Life insurance market market is estimated to be US$29.79 in the same year.
It is anticipated that the gross written premium will exhibit an annual growth rate (CAGR 2024-2028) of -0.15%, resulting in a market volume of US$1.63bn by the year 2028.
In comparison to other countries globally, the United States is projected to generate the highest gross written premium, amounting to US$1,271.0bn in the year 2024.
Myanmar's life insurance market is experiencing rapid growth due to the increasing awareness and demand for financial protection among its population.

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Analyst Opinion

In Myanmar, the Life insurance market is experiencing significant growth and development.

Customer preferences: Customers in Myanmar are increasingly recognizing the importance of life insurance as a means of financial security and protection for their families. With rising disposable incomes and a growing middle class, individuals are more willing to invest in life insurance products to safeguard their loved ones' future.

Trends in the market: One prominent trend in the Myanmar life insurance market is the increasing adoption of digital channels for purchasing insurance policies. As internet penetration rates rise across the country, insurance companies are leveraging online platforms to reach a wider customer base and streamline the policy application process. Additionally, there is a growing demand for customizable insurance products tailored to the specific needs and preferences of customers.

Local special circumstances: Myanmar's life insurance market is unique due to its relatively recent liberalization. With the opening up of the market to foreign insurers, there is increased competition and innovation in product offerings. Local players are also expanding their distribution networks and enhancing customer service to remain competitive in the evolving landscape.

Underlying macroeconomic factors: The economic growth and stability in Myanmar are driving the expansion of the life insurance market. As the country continues to develop, there is a growing awareness of the importance of insurance as a risk management tool. Moreover, regulatory reforms and government initiatives to promote insurance penetration are further fueling the growth of the life insurance sector in Myanmar.

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.