Non-life insurances - Myanmar

Myanmar

The Non-life insurance market in Myanmar is projected to reach a market size of US$2,001.00m by 2024 in terms of gross written premium.
In the same year, the average spending per capita in the Non-life insurance market is expected to amount to US$36.40.
The gross written premium is anticipated to exhibit an annual growth rate of 2.56% (CAGR 2024-2029), resulting in a market volume of US$2,271.00m by 2029.
In comparison to other countries, the United States is expected to generate the highest gross written premium of US$2,500.0bn in 2024.
Myanmar's non-life insurance market is experiencing significant growth due to increasing awareness of risk management and regulatory reforms.

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Analyst Opinion

The Non-life insurance market in Myanmar is experiencing significant growth and development.

Customer preferences: Customers in Myanmar are increasingly seeking non-life insurance products to protect their assets and properties against unforeseen events such as natural disasters and accidents. The rising awareness of the importance of insurance coverage is driving demand for policies that provide financial security in times of need.

Trends in the market: One notable trend in the non-life insurance market in Myanmar is the expansion of product offerings to cater to different customer needs. Insurers are introducing innovative policies that cover a wide range of risks, including motor insurance, property insurance, and travel insurance. This diversification of products is attracting a broader customer base and contributing to the overall growth of the market.

Local special circumstances: Myanmar's insurance industry has undergone significant reforms in recent years, opening up the market to foreign insurers and promoting competition and innovation. This liberalization has led to increased investment in the sector, driving technological advancements and improving the overall quality of insurance services available to customers.

Underlying macroeconomic factors: The economic development and increasing disposable income in Myanmar are also playing a crucial role in the growth of the non-life insurance market. As individuals and businesses accumulate wealth, there is a greater need to protect these assets through insurance coverage. The expanding middle class and growing urbanization further contribute to the rising demand for non-life insurance products in the country.

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.