The Non-life insurance market in BRICS countries is experiencing significant growth and development, driven by various factors unique to each country.
Customer preferences: In Brazil, there is a growing demand for property and casualty insurance due to the increasing awareness of the need for protection against natural disasters. In Russia, customers are showing a preference for motor insurance as the number of vehicles on the road continues to rise. In India, health insurance is becoming increasingly popular as people seek coverage for medical expenses. In China, there is a shift towards liability insurance as businesses look to protect themselves from potential lawsuits. South Africa is seeing a surge in demand for travel insurance as more people explore domestic and international destinations.
Trends in the market: Brazil is witnessing a trend towards digitalization in the non-life insurance sector, with more companies offering online purchasing options to cater to tech-savvy customers. Russia is experiencing a rise in bancassurance, where insurance products are sold through banks, making it convenient for customers to access insurance services. In India, there is a shift towards customized insurance products to meet the diverse needs of customers. China is seeing an increase in the adoption of artificial intelligence and big data analytics to enhance risk assessment and pricing accuracy in the non-life insurance market. South Africa is witnessing a trend towards microinsurance products targeted at low-income individuals who previously had limited access to insurance coverage.
Local special circumstances: Brazil's non-life insurance market is influenced by regulatory changes aimed at increasing competition and improving consumer protection. Russia's market is characterized by the dominance of state-owned insurance companies, which impacts the level of competition in the sector. In India, the regulatory environment plays a significant role in shaping the non-life insurance market, with the Insurance Regulatory and Development Authority of India (IRDAI) introducing reforms to promote growth and innovation. China's market is influenced by government initiatives to expand insurance coverage and enhance risk management practices. South Africa's market is characterized by a high level of insurance penetration compared to other African countries, driven by a growing middle class and increasing awareness of the importance of insurance.
Underlying macroeconomic factors: The economic growth and increasing disposable income in BRICS countries are driving the demand for non-life insurance products as consumers seek to protect their assets and mitigate risks. Urbanization and infrastructure development are also contributing to the growth of the non-life insurance market, particularly in sectors such as construction and transportation. Technological advancements and innovation are reshaping the non-life insurance landscape in BRICS countries, making insurance products more accessible and customizable to meet the evolving needs of customers.
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.
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