General Liability Insurance - Eastern Europe

The General Liability Insurance market market in Eastern Europe is projected to reach a market size (gross written premium) of US$2.20bn in 2024.
The average spending per capita in the General Liability Insurance market market is expected to amount to US$9.24 in 2024.
With an annual growth rate (CAGR 2024-2029) of 3.52%, the gross written premium is estimated to reach a market volume of US$2.61bn by 2029.
In comparison to other countries globally, the United States is expected to generate the highest gross written premium of US$178.4bn in 2024.
In Eastern Europe, the General Liability Insurance market is experiencing steady growth due to increased awareness of risk management among businesses.

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 Eastern Europe is experiencing significant growth and development. Customer preferences in the General Liability Insurance market in Eastern Europe are shifting towards more comprehensive coverage options to protect businesses from a wide range of risks. Customers are increasingly looking for tailored solutions that address their specific needs and provide adequate protection against potential liabilities. Trends in the market show a rise in demand for General Liability Insurance products in countries such as Poland, Romania, and Hungary. This increased demand can be attributed to the growing awareness among businesses about the importance of mitigating risks and protecting their assets. Additionally, regulatory changes and requirements are also driving the uptake of General Liability Insurance in the region. Local special circumstances in Eastern Europe, such as varying regulatory environments and economic conditions across countries, are influencing the development of the General Liability Insurance market. For example, countries with a higher number of small and medium-sized enterprises may see a greater demand for liability insurance as these businesses seek to protect themselves from potential lawsuits and financial losses. Underlying macroeconomic factors, including economic growth, inflation rates, and foreign direct investment, play a crucial role in shaping the General Liability Insurance market in Eastern Europe. As the region continues to experience economic development and integration with the global economy, businesses are recognizing the need for comprehensive insurance coverage 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.