Non-life insurances - Panama | Statista Market Forecast

Panama is projected to witness a significant growth in the market size (gross written premium) of Non-life insurances market, reaching US$913.70m by 2024.
The average spending per capita in the Non-life insurances market market is estimated to amount to US$201.80 in 2024.
The gross written premium is expected to exhibit an annual growth rate (CAGR 2024-2029) of 1.24%, resulting in a market volume of US$971.90m by 2029.
When compared globally, the United States is anticipated to generate the highest gross written premium of US$2.5tn in 2024.
Panama's non-life insurance market is experiencing a surge in demand due to the growing economy and increased 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 Panama is experiencing significant growth and development. Customer preferences in the Non-life insurances market in Panama are shifting towards more comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly seeking policies that offer not only basic coverage for property and casualty, but also additional benefits such as liability protection and coverage for natural disasters. Trends in the market show a rise in demand for innovative insurance products that cater to the specific needs of businesses and individuals in Panama. Insurers are introducing new products and services to meet this demand, including cyber insurance, travel insurance, and specialized coverage for industries such as construction and tourism. Additionally, there is a growing trend towards digitalization in the insurance sector, with more customers opting to purchase policies online and access their insurance information through mobile apps. Local special circumstances in Panama, such as its geographic location and exposure to natural disasters, play a significant role in shaping the Non-life insurances market. The country's susceptibility to events like hurricanes and earthquakes has led to an increased awareness of the importance of having adequate insurance coverage. This has driven demand for policies that specifically address these risks, such as comprehensive property insurance that includes coverage for natural disasters. Underlying macroeconomic factors, such as the country's stable economic growth and increasing disposable income levels, are also contributing to the development of the Non-life insurances market in Panama. As the economy continues to expand, more businesses and individuals are looking to protect their assets and investments through insurance, driving overall market growth. Additionally, regulatory reforms aimed at strengthening the insurance sector and increasing consumer protection have created a more favorable environment for insurers to operate in Panama.

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.