Non-life insurances - Kyrgyzstan | Statista Market Forecast

The Non-life insurance market in Kyrgyzstan is projected to reach a market size (gross written premium) of US$9.08bn in 2024.
The average spending per capita in the Non-life insurance market is expected to amount to US$1.33k in 2024.
It is projected that the gross written premium will show an annual growth rate (CAGR 2024-2029) of 3.36%, resulting in a market volume of US$10.71bn by 2029.
In comparison to other countries, the United States is expected to generate the highest gross written premium of US$2.5tn in 2024.
Kyrgyzstan's non-life insurance market is experiencing a surge in demand due to the country's growing economy and increasing awareness about the importance of insurance coverage.

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.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Non-life insurances market in Kyrgyzstan demonstrates promising growth and development trends. Customer preferences in the market are shifting towards more comprehensive insurance coverage, reflecting a growing awareness of the importance of risk mitigation and financial protection. Customers are increasingly seeking policies that cover a wide range of non-life assets, including property, health, and vehicles, to safeguard against unforeseen events and uncertainties. Trends in the Kyrgyzstani market indicate a rising demand for innovative insurance products tailored to specific needs and preferences of customers. Insurers are adapting their offerings to provide more customizable solutions, such as flexible coverage options and value-added services, to attract and retain clients in a competitive landscape. Local special circumstances, such as regulatory changes and technological advancements, are influencing the dynamics of the non-life insurance market in Kyrgyzstan. The government's initiatives to enhance insurance penetration and promote financial literacy among the population are creating opportunities for insurers to expand their market reach and increase consumer trust in insurance products. Underlying macroeconomic factors, including economic stability and income growth, are driving the growth of the non-life insurance market in Kyrgyzstan. As the country's economy continues to develop, there is a growing middle-class population with higher disposable incomes, leading to an increased capacity and willingness to invest in insurance products for added security and peace of mind.

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.