Non-life insurances - Belize | Statista Market Forecast

The Non-life insurance market in Belize is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is set to reach US$542.30m in 2024.
This indicates a positive trend in terms of market expansion.
Furthermore, the average spending per capita in the Non-life insurance market is estimated to amount to US$1.30k in 2024.
This figure highlights the level of individual investment in insurance policies within the country.
In terms of future growth, the gross written premium is expected to exhibit a Compound Annual Growth Rate (CAGR) of 2.80% between 2024 and 2029.
This steady increase is projected to result in a market volume of US$622.50m by 2029.
When comparing Belize's market performance to the global landscape, it is worth noting that the United States leads the way.
In 2024, the [globalpremium_currentlayer_yeartoday_maxcountrynameprep] is expected to generate the highest gross written premium, reaching a staggering US$2.5tn.
These numbers indicate the potential and importance of the Non-life insurance market in Belize.
As the market continues to grow, it presents opportunities for both insurers and consumers to benefit from a wide range of insurance products and services.
Belize's non-life insurance market is witnessing a surge in demand due to increasing awareness about the importance of insuring property and assets in the face of natural disasters and climate change risks.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

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, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Non-life insurances market in Belize has been experiencing significant growth and development in recent years. Customer preferences in the Belizean insurance market are shifting towards more comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly seeking tailored insurance solutions that meet their specific needs and offer greater peace of mind. This trend mirrors global preferences for personalized insurance products that offer flexibility and value for money. Trends in the Belizean Non-life insurance market indicate a growing demand for property and casualty insurance, driven by factors such as urbanization, infrastructure development, and increasing awareness of the importance of risk management. As more individuals and businesses in Belize recognize the need for protection against unforeseen events, the market for Non-life insurance products is expected to continue expanding. Local special circumstances in Belize, such as its vulnerability to natural disasters like hurricanes and floods, play a significant role in shaping the Non-life insurance market. The exposure to these risks has led to an increased emphasis on property insurance coverage, particularly in coastal areas prone to extreme weather events. Insurers in Belize are adapting their product offerings to address these specific local circumstances and provide adequate protection to policyholders. Underlying macroeconomic factors, including steady economic growth, rising disposable incomes, and a growing middle class, are also contributing to the development of the Non-life insurance market in Belize. As the country's economy continues to expand, more individuals and businesses are able to afford insurance coverage, driving overall market growth. Additionally, regulatory reforms and efforts to enhance consumer awareness about the benefits of insurance are further fueling the expansion of the Non-life insurance sector in Belize.

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.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.