Motor Vehicle Insurance - Central Asia

  • Central Asia
  • The Motor Vehicle Insurance market market in Central Asia is projected to reach a market size (gross written premium) of US$3.57bn in 2024.
  • The average spending per capita in the Motor Vehicle Insurance market market is expected to amount to US$44.99 in 2024.
  • It is further anticipated that the gross written premium will exhibit an annual growth rate (CAGR 2024-2029) of 2.71%, resulting in a market volume of US$4.08bn by 2029.
  • In global comparison, the United States will generate the highest gross written premium, amounting to US$341.6bn in 2024.
  • Motor vehicle insurance in Central Asia is seeing a rise in demand due to increasing urbanization and a growing middle class.
 
Market
 
Region
 
Region comparison
 
Currency
 

Analyst Opinion

The Motor Vehicle Insurance market in Central Asia is experiencing significant growth and development.

Customer preferences:
Customers in Central Asia are increasingly valuing comprehensive motor vehicle insurance coverage to protect their assets in the event of accidents or theft. There is a growing awareness among consumers about the importance of insurance, leading to an uptick in demand for policies that offer extensive coverage and benefits.

Trends in the market:
In Kazakhstan, there is a noticeable trend towards the adoption of usage-based insurance, where premiums are based on individual driving behavior. This innovative approach is gaining traction as it provides more personalized pricing for policyholders. On the other hand, in Uzbekistan, the market is witnessing a surge in online insurance purchases, driven by the convenience and accessibility of digital platforms.

Local special circumstances:
Turkmenistan stands out in the region with a state-controlled insurance market, where the government plays a dominant role in regulating and overseeing insurance activities. This unique setup influences the dynamics of the motor vehicle insurance market in the country, with specific policies and regulations tailored to align with the state's objectives.

Underlying macroeconomic factors:
The overall economic stability and growth in Central Asia are contributing to the expansion of the motor vehicle insurance market. As disposable incomes rise in the region, more individuals can afford insurance coverage for their vehicles, boosting the overall market size. Additionally, regulatory reforms aimed at enhancing transparency and efficiency in the insurance sector are further driving the market's development.

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.

Overview

  • Gross Written Premium
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
Please wait

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Meredith Alda
Meredith Alda
Sales Manager– Contact (United States)

Mon - Fri, 9am - 6pm (EST)

Contact Yolanda Mega
Yolanda Mega
Operations Manager– Contact (Asia)

Mon - Fri, 9am - 5pm (SGT)

Contact Ayana Mizuno
Ayana Mizuno
Junior Business Development Manager– Contact (Asia)

Mon - Fri, 10:00am - 6:00pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)

Mon - Fri, 9:30am - 5pm (GMT)

Contact Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contact (Latin America)

Mon - Fri, 9am - 6pm (EST)