General Liability Insurance - Papua New Guinea

The projected market size (gross written premium) of the General Liability Insurance market market in Papua New Guinea is expected to reach US$82.56m in 2024.
The average spending per capita in this market is estimated to be US$7.85 in the same year.
It is anticipated that the gross written premium will exhibit an annual growth rate (CAGR 2024-2029) of 4.41%, resulting in a market volume of US$102.50m by 2029.
In global comparison, the highest gross written premium is expected to be generated the United States, reaching US$178.4bn in 2024.
Papua New Guinea's General Liability Insurance market is witnessing a surge in demand due to the country's expanding industrial sector and increasing awareness of liability risks.

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 Papua New Guinea is experiencing significant growth and development. Customer preferences in Papua New Guinea are shifting towards a more risk-conscious approach, driving the demand for General Liability Insurance. Businesses and individuals are increasingly recognizing the importance of protecting themselves against potential liabilities, leading to a growing interest in insurance products that offer comprehensive coverage. Trends in the market indicate a rising awareness among Papua New Guineans about the benefits of General Liability Insurance. As the economy expands and businesses become more interconnected with global markets, there is a greater emphasis on risk management and compliance with international standards. This trend is driving the uptake of insurance policies that can safeguard companies from legal and financial risks. Local special circumstances in Papua New Guinea, such as the country's unique geographical challenges and diverse business landscape, are influencing the General Liability Insurance market. Insurers are tailoring their products to address specific risks faced by businesses operating in the region, including natural disasters, political instability, and regulatory compliance issues. This localized approach is resonating with customers who seek customized insurance solutions that cater to their individual needs. Underlying macroeconomic factors, such as the steady economic growth and increasing foreign investment in Papua New Guinea, are also contributing to the development of the General Liability Insurance market. As the business environment becomes more competitive and complex, companies are turning to insurance as a strategic tool to mitigate risks and protect their assets. This growing awareness of the importance of risk management is driving the expansion of the insurance sector 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.