Life insurance - Papua New Guinea

Papua New Guinea

The Life insurance market market in Papua New Guinea is projected to reach a market size (gross written premium) of US$0.63bn in 2025.
In the same year, the average spending per capita in the Life insurance market market is expected to amount to US$58.85.
Looking ahead, the gross written premium is forecasted to exhibit an annual growth rate (CAGR 2025-2029) of 3.39%, resulting in a market volume of US$0.72bn by 2029.
When compared globally, the United States is expected to generate the highest gross written premium in the Life insurance market market, reaching US$1,339.0bn in 2025.
Papua New Guinea's life insurance market is experiencing a steady growth due to increasing awareness of the importance of financial protection and the emergence of new insurance products.

Market

Region

Region comparison

Currency

Analyst Opinion

The Life insurance market in Papua New Guinea is showing promising signs of development. Customer preferences in the life insurance market are shifting towards more comprehensive coverage options that provide financial security for families and loved ones. Customers are increasingly seeking policies that offer a wide range of benefits and flexibility in terms of premium payments. Trends in the market indicate a growing awareness about the importance of life insurance in Papua New Guinea. As the economy continues to expand and disposable incomes rise, more individuals and families are looking to secure their financial future through life insurance products. Additionally, the introduction of innovative policy options tailored to the local market is driving growth in the industry. Local special circumstances, such as the country's unique demographic profile and cultural values, play a significant role in shaping the life insurance market in Papua New Guinea. With a young population and a strong emphasis on family and community support, there is a growing recognition of the need for life insurance as a means of safeguarding against unforeseen circumstances. Underlying macroeconomic factors, including stable economic growth and increasing financial literacy, are also contributing to the development of the life insurance market in Papua New Guinea. As the country continues to progress and modernize, more individuals are becoming aware of the benefits of life insurance and are actively seeking out suitable coverage options to meet their needs.

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.