Non-life insurances - CIS

The Non-life insurances market market in the CIS region is projected to reach a market size (gross written premium) of US$36.19bn in 2024.
The average spending per capita in the Non-life insurances market market is expected to amount to US$149.20 in 2024.
Furthermore, the gross written premium is projected to show an annual growth rate (CAGR 2024-2029) of 3.92%, resulting in a market volume of US$43.86bn by 2029.
It is worth noting that in global comparison, the United States is anticipated to generate the highest gross written premium of US$2,500.0bn in 2024.
In the CIS region, the non-life insurance market is witnessing a surge in demand driven by the increasing awareness towards risk management and the growth of various industries.

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Analyst Opinion

The Non-life insurances market in CIS is experiencing significant growth and development.

Customer preferences: Customers in the CIS region are increasingly seeking non-life insurance products to protect their assets and mitigate risks. With rising incomes and awareness about the importance of insurance, there is a growing demand for policies that cover property, health, and motor vehicles.

Trends in the market: One of the notable trends in the CIS non-life insurance market is the increasing adoption of digital channels for purchasing insurance products. Insurers are leveraging technology to reach a wider customer base and provide convenient and efficient services. Additionally, there is a trend towards customization of insurance policies to meet the specific needs of customers in the region.

Local special circumstances: The CIS region comprises countries with diverse economic and regulatory environments, which impact the non-life insurance market. Each country has its unique market dynamics, cultural preferences, and regulatory frameworks that influence the growth and development of the insurance sector. For example, some countries may have higher incidences of natural disasters, leading to an increased demand for property insurance.

Underlying macroeconomic factors: The growth of the non-life insurance market in the CIS region is also influenced by macroeconomic factors such as GDP growth, inflation rates, and regulatory reforms. As economies in the region continue to develop and stabilize, there is a corresponding increase in disposable income levels, which drives the demand for insurance products. Moreover, regulatory reforms aimed at strengthening the insurance industry and enhancing consumer protection contribute to the overall growth of the market.

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.