Over the past few years, the Property Insurance market in Bhutan has been gradually expanding and evolving to meet the growing needs of the population. Customer preferences in Bhutan lean towards comprehensive property insurance coverage that protects against natural disasters such as earthquakes and floods, which are common occurrences in the region. Customers also show a preference for insurance policies that offer additional benefits such as coverage for theft, fire damage, and personal liability. Trends in the market indicate a shift towards digitalization, with insurance companies in Bhutan increasingly offering online platforms for purchasing and managing insurance policies. This trend is in line with global developments in the insurance industry, where digital channels are becoming more prominent for customer engagement and service delivery. Local special circumstances, such as the unique geographical landscape of Bhutan with its mountainous terrain and susceptibility to natural calamities, play a significant role in shaping the Property Insurance market. Insurance products tailored to address these specific risks are in high demand among the population. Underlying macroeconomic factors, including steady economic growth and increasing disposable income levels in Bhutan, contribute to the development of the Property Insurance market. As individuals and businesses accumulate wealth, the need for protecting their assets through insurance becomes more apparent, driving the growth 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.
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