Non-life insurances - Bosnia and Herzegovina

Bosnia and Herzegovina

The Non-life insurances market market in Bosnia and Herzegovina is expected to reach a market size (gross written premium) of US$1,141.00m in 2024.
The average spending per capita in the Non-life insurances market market is projected to amount to US$357.20 in 2024.
With an annual growth rate (CAGR 2024-2029) of 2.08%, the gross written premium is anticipated to result in a market volume of US$1,265.00m by 2029.
When compared globally, the United States is expected to generate the highest gross written premium of US$2,500.0bn in 2024.
Bosnia and Herzegovina's non-life insurance market is witnessing a surge in demand due to increasing awareness about the importance of insurance coverage among its population.

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Analyst Opinion

The Non-life insurances market in Bosnia and Herzegovina has been experiencing notable developments in recent years.

Customer preferences: Customers in Bosnia and Herzegovina are increasingly seeking non-life insurance products that provide comprehensive coverage at competitive prices. They value reliability and trustworthiness in insurance providers, as well as efficient claims processing and customer service.

Trends in the market: One of the key trends in the non-life insurance market in Bosnia and Herzegovina is the growing demand for property insurance, driven by an increase in real estate investments and construction activities. Motor vehicle insurance also remains a significant segment, reflecting the rising number of vehicles on the road. Additionally, there is a noticeable shift towards digital channels for purchasing insurance policies and managing claims, as customers seek convenience and accessibility.

Local special circumstances: Bosnia and Herzegovina's non-life insurance market is influenced by the country's complex regulatory environment, which can impact market dynamics and competition among insurance providers. The presence of both domestic and foreign insurance companies creates a diverse market landscape, offering customers a range of options to choose from. Moreover, the market is characterized by varying levels of insurance penetration across different regions within the country.

Underlying macroeconomic factors: The development of the non-life insurance market in Bosnia and Herzegovina is closely linked to the overall economic growth and stability of the country. Factors such as disposable income levels, employment rates, and GDP growth play a significant role in shaping the demand for insurance products. As the economy continues to evolve and consumer purchasing power increases, the non-life insurance market is expected to expand further to meet the evolving needs of customers.

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.