General Liability Insurance - Myanmar

The General Liability Insurance market market in Myanmar is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is forecasted to reach US$208.90m in 2024.
Furthermore, the average spending per capita in the General Liability Insurance market market is estimated to be US$3.80 in 2024.
This indicates the level of individual investment in insurance coverage against potential liabilities.
Looking ahead, the market is expected to experience a steady annual growth rate (CAGR 2024-2029) of 3.46%.
This growth trajectory is anticipated to result in a market volume of US$247.60m by 2029.
This indicates the increasing demand for General Liability Insurance market in Myanmar, as businesses and individuals seek protection against potential claims and lawsuits.
In the global context, it is worth noting that the United States holds the largest share of gross written premium in the General Liability Insurance market market.
In 2024, the United States is projected to generate a substantial amount of US$178.4bn, highlighting its dominance in this sector.
Overall, Myanmar's General Liability Insurance market market is poised for growth, driven by increasing awareness of the importance of insurance coverage and the need for protection against potential liabilities.
Myanmar's General Liability Insurance market is experiencing a surge in demand due to the country's increasing foreign investment and economic growth.

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

Customer preferences: Customers in Myanmar are increasingly recognizing the importance of protecting their businesses from potential liabilities, driving the demand for General Liability Insurance. As businesses expand and become more aware of the risks they face, there is a growing need for comprehensive insurance coverage to safeguard their operations.

Trends in the market: One noticeable trend in the General Liability Insurance market in Myanmar is the rise of customized insurance products tailored to the specific needs of local businesses. Insurers are adapting their offerings to cater to the unique risks faced by companies in Myanmar, such as third-party bodily injury or property damage claims. This trend is not only meeting the demand for specialized coverage but also fostering a more competitive insurance landscape in the country.

Local special circumstances: Myanmar's evolving regulatory environment and increasing foreign investment are also shaping the General Liability Insurance market. As the business landscape becomes more complex, companies are seeking insurance solutions that comply with local regulations and provide sufficient coverage. Additionally, the growing number of joint ventures and partnerships with foreign entities is driving the need for insurance products that offer global coverage and protection.

Underlying macroeconomic factors: The economic growth and development in Myanmar are contributing to the expansion of the General Liability Insurance market. As businesses thrive and diversify, they are looking to mitigate potential risks that could impact their financial stability. This heightened awareness of risk management, coupled with the overall economic progress in the country, is fueling the demand for General Liability Insurance among businesses of all sizes. Overall, the General Liability Insurance market in Myanmar is witnessing a transformation driven by changing customer preferences, tailored insurance products, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, insurers are poised to capitalize on the growing demand for comprehensive liability coverage 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.