Non-life insurances - Caribbean | Statista Market Forecast

The Non-life insurances market market in the Caribbean is projected to reach a market size (gross written premium) of US$14.50bn in 2024.
In the same year, the average spending per capita on Non-life insurances market is expected to amount to US$357.50.
The market is anticipated to show an annual growth rate (CAGR 2024-2029) of 3.08%, resulting in a market volume of US$16.88bn by 2029.
Comparatively, the United States is projected to generate the highest gross written premium of US$2.5tn in 2024.
In the Caribbean, the non-life insurance market is experiencing a surge in demand due to the region's vulnerability to natural disasters.

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 Caribbean is experiencing a notable shift in customer preferences, market trends, and local special circumstances.

Customer preferences: Customers in the Caribbean region are increasingly seeking non-life insurance products that offer comprehensive coverage at competitive prices. With a growing awareness of the importance of insurance protection, individuals and businesses are looking for policies that not only meet their specific needs but also provide added value through additional services or benefits.

Trends in the market: One of the key trends shaping the non-life insurance market in the Caribbean is the increasing adoption of technology. Insurers are leveraging digital platforms to streamline processes, enhance customer experience, and offer innovative products. Additionally, there is a growing emphasis on sustainable and environmentally friendly insurance solutions, reflecting a broader global trend towards responsible business practices.

Local special circumstances: The unique geography and climate of the Caribbean region present specific challenges for the non-life insurance market. The prevalence of natural disasters such as hurricanes and earthquakes underscores the importance of property and casualty insurance coverage. Insurers in the region must navigate these risks while also addressing the diverse needs of a multicultural and multilingual population spread across numerous islands.

Underlying macroeconomic factors: Economic stability and regulatory environment play a significant role in shaping the non-life insurance market in the Caribbean. As the region continues to develop and diversify its economy, there is a growing demand for insurance products that support business growth and protect against unforeseen events. Government policies and regulations also influence market dynamics, impacting factors such as pricing, product offerings, and market competition.

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.