Non-life insurances - EAEU | Statista Market Forecast

The Non-life insurances market market in the EAEU is projected to reach a market size (gross written premium) of US$31.69bn in 2024.
The average spending per capita in the Non-life insurances market market is estimated to be US$173.30 in 2024.
Looking ahead, the gross written premium is expected to experience an annual growth rate (CAGR 2024-2029) of 3.97%, resulting in a market volume of US$38.51bn by 2029.
It is worth noting that in global comparison, the United States is expected to generate the highest gross written premium of US$2.5tn in 2024.
The Non-life insurance market in the EAEU has been experiencing significant growth due to increased consumer awareness and demand for comprehensive coverage.

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 EAEU has been experiencing significant growth and development in recent years.

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

Trends in the market: One of the key trends in the EAEU non-life insurance market is the increasing adoption of digital channels for purchasing insurance products. Insurers are leveraging technology to offer convenient online platforms for customers to compare policies, obtain quotes, and make purchases. Additionally, there is a shift towards customized insurance solutions tailored to individual needs and preferences.

Local special circumstances: In the EAEU region, regulatory frameworks and market dynamics vary across countries, presenting both opportunities and challenges for insurers. Some countries may have more stringent regulatory requirements, while others offer a more favorable business environment. Understanding the local market nuances and adapting strategies accordingly is crucial for success in the region.

Underlying macroeconomic factors: Economic growth, stability, and industry diversification play a significant role in shaping the non-life insurance market in the EAEU. As economies in the region continue to develop, there is an increasing need for insurance products to support business activities and safeguard against unforeseen events. Factors such as inflation rates, interest rates, and foreign investment also influence the overall demand for non-life insurance.

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.