Life insurance - Myanmar | Statista Market Forecast

The projected market size (gross written premium) of the Life insurance market market in Myanmar is expected to reach US$1.73bn in the year 2024.
Furthermore, the average spending per capita in the Life insurance market market is estimated to be US$31.49 in the same year.
It is anticipated that the gross written premium will exhibit an annual growth rate (CAGR 2024-2029) of 1.52%, resulting in a market volume of US$1.87bn by the year 2029.
In comparison to other countries globally, the United States is projected to generate the highest gross written premium, amounting to US$1.3tn 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.

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

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.

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.