Definition:
Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.Structure:
The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.Additional information:
The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
In recent years, the Non-life insurances market in Honduras has been experiencing significant growth and development.
Customer preferences: Customers in Honduras are increasingly seeking non-life insurance products to protect their assets and mitigate risks. The growing awareness of the importance of insurance coverage, coupled with the rise in disposable income, has led to an uptick in demand for various non-life insurance policies.
Trends in the market: One of the key trends in the non-life insurance market in Honduras is the increasing adoption of technology. Insurers are leveraging digital platforms to reach a wider customer base and streamline their operations. Additionally, there is a growing trend towards customization of insurance products to meet the specific needs of different customer segments.
Local special circumstances: Honduras is prone to natural disasters such as hurricanes and earthquakes, which have heightened the importance of property and casualty insurance in the country. This unique risk profile has influenced the demand for non-life insurance products, particularly in the areas most susceptible to natural catastrophes.
Underlying macroeconomic factors: The overall economic growth in Honduras, coupled with regulatory reforms aimed at strengthening the insurance sector, has created a conducive environment for the expansion of the non-life insurance market. Additionally, the increasing stability in the country's political landscape has instilled confidence among both insurers and customers, driving further growth in the market.
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights