Property Insurance - Belarus | Statista Market Forecast

The market segment of Property Insurance market in Belarus is expected to reach a projected market size (gross written premium) of US$401.30m in 2024.
The average spending per capita in the Property Insurance market market is estimated to amount to US$42.45 in the same year.
It is anticipated that the gross written premium will demonstrate an annual growth rate (CAGR 2024-2029) of 4.16%, resulting in a market volume of US$492.00m by 2029.
In global comparison, the United States is projected to generate the highest gross written premium of US$240.4bn in 2024.
Belarus has seen a growing demand for property insurance as the country's real estate market continues to flourish.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

Over the past few years, the Property Insurance market in Belarus has shown steady growth and development.

Customer preferences: Belarusian customers have shown an increasing interest in property insurance, seeking protection for their homes and assets. The shift towards urbanization and the rise in disposable income have led individuals to prioritize securing their properties against various risks such as natural disasters, theft, and accidents.

Trends in the market: One notable trend in the Belarusian Property Insurance market is the growing demand for comprehensive insurance packages that cover a wide range of risks. Customers are looking for tailored solutions that not only protect their physical assets but also offer additional benefits such as liability coverage and assistance services. Insurers in Belarus are responding to this trend by diversifying their product offerings and enhancing their customer service to meet the evolving needs of policyholders.

Local special circumstances: In Belarus, the Property Insurance market is influenced by specific local circumstances such as the regulatory environment and the competitive landscape. The government plays a significant role in shaping the market through regulations that aim to ensure the stability and transparency of the insurance sector. Additionally, the presence of both domestic and foreign insurance companies creates a competitive market environment that drives innovation and customer-centric approaches.

Underlying macroeconomic factors: The development of the Property Insurance market in Belarus is also supported by underlying macroeconomic factors such as economic growth, stability, and the overall financial literacy of the population. As the economy continues to expand and individuals become more aware of the importance of insurance protection, the demand for property insurance is expected to further increase. Moreover, initiatives to improve financial education and awareness about insurance products contribute to the overall growth and penetration of the insurance market in Belarus.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.