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Over the past few years, the Non-life insurances market in North America has been experiencing significant growth and development.
Customer preferences: Customers in North America are increasingly seeking Non-life insurance products that offer comprehensive coverage and tailored solutions to meet their specific needs. They are more inclined towards digital channels for purchasing policies and managing claims efficiently. Additionally, there is a growing demand for innovative insurance products that provide protection against emerging risks such as cyber threats and natural disasters.
Trends in the market: In the United States, the Non-life insurance market is witnessing a trend towards usage-based insurance, where premiums are determined based on individual behavior and risk profiles. This personalized approach is gaining popularity among customers looking for more affordable and flexible coverage options. On the other hand, in Canada, there is a shift towards sustainable insurance practices, with a focus on promoting environmentally friendly policies and supporting initiatives that mitigate climate change risks.
Local special circumstances: In Mexico, the Non-life insurance market is influenced by regulatory changes aimed at increasing insurance penetration among the population. The government has been implementing measures to improve access to insurance products and enhance consumer awareness about the importance of being adequately insured. This has led to a gradual expansion of the market and a growing number of insurers offering a wide range of Non-life insurance products to cater to diverse customer needs.
Underlying macroeconomic factors: The growth of the Non-life insurance market in North America can be attributed to several macroeconomic factors, including a stable economic environment, rising disposable incomes, and increasing awareness about the benefits of insurance protection. As the region continues to recover from the impact of the COVID-19 pandemic, there is a renewed emphasis on risk management and financial security, driving the demand for Non-life insurance products across different segments of 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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)