The Non-life insurances market in Central Asia is experiencing a notable growth trajectory driven by various factors.
Customer preferences: Customers in Central Asia are increasingly recognizing the importance of protecting their assets and mitigating risks, leading to a growing demand for non-life insurance products. With rising disposable incomes and awareness about financial security, individuals and businesses are showing a greater inclination towards purchasing insurance policies to safeguard their properties and assets.
Trends in the market: In Kazakhstan, for instance, there is a noticeable trend towards the adoption of digital platforms for purchasing insurance products. This shift towards online channels is not only making insurance more accessible to a wider population but also streamlining the process for customers. Additionally, the market is witnessing a surge in innovative insurance products tailored to specific needs, such as property insurance for businesses in Uzbekistan to protect against natural disasters.
Local special circumstances: Central Asia's unique geographical and geopolitical position plays a significant role in shaping the non-life insurance market in the region. Countries like Kyrgyzstan, which are prone to natural disasters, have a higher demand for property insurance. On the other hand, countries with a growing expatriate population, such as Turkmenistan, see an increased interest in health and travel insurance products.
Underlying macroeconomic factors: The economic growth and stability in Central Asia are also driving the expansion of the non-life insurance market. As the region continues to develop and attract foreign investments, there is a corresponding increase in the need for insurance coverage to protect these investments. Moreover, regulatory reforms and government initiatives aimed at strengthening the insurance sector are creating a more conducive environment for market growth. Overall, the Non-life insurances market in Central Asia is evolving rapidly, propelled by changing customer preferences, market trends, local circumstances, and macroeconomic factors.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
