Non-life insurances - Myanmar | Statista Market Forecast

The Non-life insurance market in Myanmar is projected to reach a market size of US$2.00bn 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$2.27bn 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.
Myanmar's non-life insurance market is experiencing significant growth due to increasing awareness of risk management and regulatory reforms.

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 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.

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.