Non-life insurances - Guyana

Guyana

The Non-life insurance market in Guyana is expected to reach a market size (gross written premium) of US$687.30m in 2024.
The average spending per capita in the Non-life insurance market is projected to be US$838.60 in 2024.
It is anticipated that the gross written premium will experience an annual growth rate (CAGR 2024-2029) of 5.19%, resulting in a market volume of US$885.30m by 2029.
When compared globally, the United States is expected to generate the highest gross written premium of US$2,500.0bn in 2024.
The non-life insurance market in Guyana is experiencing significant growth due to increasing awareness and demand for coverage in the face of natural disasters and other risks.

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Analyst Opinion

The Non-life insurances market in Guyana has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Guyana are increasingly valuing non-life insurance products as they become more aware of the importance of protecting their assets and mitigating risks. With a growing middle class and rising disposable incomes, there is a greater demand for insurance products that provide coverage for property, vehicles, and other valuable assets.

Trends in the market: One noticeable trend in the non-life insurance market in Guyana is the increasing adoption of digital platforms for purchasing insurance policies. This trend aligns with global developments in the insurance industry, where digitalization is reshaping the way insurance products are sold and managed. Insurers in Guyana are leveraging technology to offer convenient and efficient services to customers, leading to a more streamlined and accessible insurance market.

Local special circumstances: Guyana's unique geographic location and susceptibility to natural disasters have contributed to the growth of the non-life insurance market. Customers in Guyana are increasingly recognizing the need for insurance coverage against natural disasters such as floods, hurricanes, and earthquakes. This heightened awareness of the risks associated with living in a disaster-prone area has driven the demand for non-life insurance products that provide protection against such events.

Underlying macroeconomic factors: The overall economic stability and growth in Guyana have played a significant role in the development of the non-life insurance market. As the economy expands and businesses thrive, there is a greater need for insurance products that safeguard assets and investments. Additionally, regulatory reforms and government initiatives aimed at strengthening the insurance sector have created a favorable environment for insurers to operate and grow their business in Guyana.

Methodology

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.