Non-life insurances - Haiti

Haiti

The Non-life insurance market in Haiti is projected to reach a market size (gross written premium) of US$1,321.00m in 2025.
The average spending per capita in the Non-life insurance market is expected to amount to US$110.00 in 2025.
The gross written premium is projected to show an annual growth rate (CAGR 2025-2029) of 2.85%, resulting in a market volume of US$1,478.00m by 2029.
In global comparison, the United States is expected to generate the highest gross written premium of US$2,591.0bn in 2025.
Haiti's non-life insurance market is seeing a surge in demand due to the increased awareness of the importance of protecting assets in a country prone to natural disasters.

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Analyst Opinion

The Non-life insurance market in Haiti has been experiencing significant developments in recent years.

Customer preferences: Customers in Haiti are increasingly seeking non-life insurance products to protect their assets and mitigate risks associated with natural disasters, such as hurricanes and earthquakes. The demand for property and casualty insurance has been on the rise as individuals and businesses look to safeguard their investments and livelihoods.

Trends in the market: One notable trend in the Haitian non-life insurance market is the growing popularity of microinsurance products tailored to low-income individuals and small businesses. This trend is driven by the need for affordable insurance solutions that provide coverage for specific risks faced by vulnerable populations. Additionally, there has been a shift towards digital distribution channels, making insurance products more accessible to a wider range of customers.

Local special circumstances: Haiti's susceptibility to natural disasters, political instability, and economic challenges have created unique circumstances in the non-life insurance market. Insurers in Haiti have had to tailor their products to address the specific risks faced by individuals and businesses in the country. Additionally, regulatory changes and efforts to increase insurance penetration have influenced the competitive landscape of the market.

Underlying macroeconomic factors: The economic growth and increasing awareness of the importance of insurance have contributed to the development of the non-life insurance market in Haiti. As the country continues to rebuild and strengthen its infrastructure following natural disasters, there is a growing recognition of the need for insurance as a risk management tool. Moreover, initiatives to improve financial literacy and promote insurance education have also played a role in driving the expansion of the market.

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.