General Liability Insurance - Cuba

The General Liability Insurance market market in Cuba is expected to reach a market size (gross written premium) of US$204.70m by 2024.
The average spending per capita in the General Liability Insurance market market is projected to be US$18.32 in the same year.
It is anticipated that the gross written premium will experience an annual growth rate (CAGR 2024-2029) of 1.39%, resulting in a market volume of US$219.30m by 2029.
When compared globally, the United States is expected to generate the highest gross written premium, reaching US$178.4bn in 2024.
Cuba's General Liability Insurance market is experiencing a surge in demand as the country opens up to more foreign investment and business opportunities.

Definition:

General liability insurance is a type of coverage that offers protection to businesses and individuals against financial losses resulting from third-party claims of bodily injury, property damage, or personal injury. When you have general liability insurance, you pay regular premiums to an insurer, and in return, the insurer helps cover legal costs, settlements, and damages if you or your business are found liable for causing harm to others. This insurance is vital for shielding individuals and businesses from the financial repercussions of legal claims and liabilities arising from accidents or incidents that occur on their premises or as a result of their actions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Liability insurance booked for individuals and businesses

Motor vehicles liability
Aircraft liability
Liability for ships
Reinsurance

The General Liability Insurance market in Cuba is experiencing significant growth and development. Customer preferences in the General Liability Insurance market in Cuba are shifting towards more comprehensive coverage options as businesses seek to protect themselves from a wide range of potential risks. Customers are increasingly looking for tailored insurance solutions that can address their specific needs and provide them with a sense of security in an uncertain business environment. Trends in the market show a growing demand for General Liability Insurance in Cuba as businesses become more aware of the importance of mitigating risks and protecting their assets. Insurers are responding to this demand by offering innovative products and services that cater to the unique requirements of Cuban businesses, driving further growth in the market. Local special circumstances, such as the evolving regulatory landscape and the increasing focus on risk management practices, are influencing the development of the General Liability Insurance market in Cuba. Insurers are adapting their strategies to comply with local regulations and meet the changing needs of customers, contributing to the overall growth and maturity of the market. Underlying macroeconomic factors, including economic stability and the growth of key industries in Cuba, are also playing a role in shaping the General Liability Insurance market. As the Cuban economy continues to expand and diversify, businesses are looking for reliable insurance partners to help them navigate potential risks and uncertainties, driving the demand for General Liability Insurance in the country.

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.