General Liability Insurance - EAEU

The General Liability Insurance market market in the EAEU is projected to reach a market size (gross written premium) of US$1.80bn in 2024.
The average spending per capita in this market is estimated to be US$9.83 in 2024.
It is expected that the gross written premium will experience an annual growth rate (CAGR 2024-2029) of 3.25%, resulting in a market volume of US$2.11bn by 2029.
In comparison to other countries, the United States is anticipated to generate the highest gross written premium of US$178.4bn in 2024.
The General Liability Insurance market in the EAEU is experiencing a surge in demand due to the increasing number of small businesses seeking protection against potential risks and lawsuits.

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 EAEU is experiencing significant growth and development.

Customer preferences: Customers in the EAEU region are increasingly seeking comprehensive General Liability Insurance coverage to protect their businesses from potential risks and liabilities. They are looking for policies that offer a wide range of coverage options tailored to their specific industry needs.

Trends in the market: One notable trend in the EAEU General Liability Insurance market is the increasing adoption of technology and data analytics to assess risks more accurately. Insurers are leveraging advanced tools to underwrite policies more efficiently and offer competitive pricing to customers. Another trend is the growing demand for product liability insurance as consumers become more aware of their rights and seek compensation for faulty products.

Local special circumstances: In the EAEU region, there are unique regulatory and legal frameworks that impact the General Liability Insurance market. Insurers must navigate different compliance requirements across the member countries, which can create challenges in standardizing policies and pricing. Additionally, cultural factors and business practices vary across the region, influencing the types of liabilities that businesses face.

Underlying macroeconomic factors: The economic growth and increasing business activities in the EAEU region are driving the demand for General Liability Insurance. As businesses expand and engage in cross-border trade within the EAEU, the need for comprehensive liability coverage becomes more pronounced. Additionally, the evolving regulatory environment and focus on risk management are prompting businesses to invest in insurance protection to safeguard their operations and assets.

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.