Non-life insurances - Bolivia

Bolivia

The Non-life insurance market in Bolivia is projected to reach a market size (gross written premium) of US$219.00m in 2024.
The average spending per capita in the Non-life insurance market is estimated to be US$17.43 in 2024.
It is expected that the gross written premium will exhibit an annual growth rate (CAGR 2024-2028) of -0.98%, resulting in a market volume of US$210.50m by 2028.
In global comparison, the United States will generate the highest gross written premium, amounting to US$3,371.0bn in 2024.
Despite the growing demand for non-life insurances in Bolivia, the market remains largely untapped due to low awareness and limited product offerings.

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Analyst Opinion

Over the past few years, the Non-life insurance market in Bolivia has been experiencing significant growth and development. Customer preferences in the Bolivian market are shifting towards more comprehensive insurance coverage, including property, health, and vehicle insurance. Customers are increasingly seeking tailored insurance solutions that provide them with a sense of security and protection against unforeseen events. One of the key trends in the Bolivian Non-life insurance market is the increasing adoption of digital channels for purchasing insurance policies. Insurers in Bolivia are leveraging technology to reach a wider customer base and streamline the insurance buying process. This trend is driven by the growing tech-savvy population in the country. Local special circumstances in Bolivia, such as regulatory changes and government initiatives to promote insurance penetration, are also influencing the Non-life insurance market. The government's efforts to increase awareness about the importance of insurance coverage are encouraging more individuals and businesses to invest in Non-life insurance products. Underlying macroeconomic factors, including stable economic growth and rising disposable incomes, are contributing to the expansion of the Non-life insurance market in Bolivia. As the economy continues to strengthen, more people are willing to allocate a portion of their income towards insurance premiums to safeguard their assets and well-being. Overall, the Non-life insurance market in Bolivia is poised for further growth as insurers continue to innovate their product offerings, cater to evolving customer preferences, and capitalize on the favorable macroeconomic conditions in the country.

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.