Property Insurance - Cuba | Statista Market Forecast

The Property Insurance market market in Cuba is projected to reach a gross written premium of US$349.30m in 2024.
The average spending per capita in the Property Insurance market market is expected to amount to US$31.26 in the same year.
Furthermore, the market is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of -9.64%, resulting in a market volume of US$210.40m by 2029.
When comparing the gross written premium globally, the United States is predicted to generate the highest amount, totaling US$240.4bn in 2024.
Despite recent economic reforms, the property insurance market in Cuba remains underdeveloped and limited due to government regulations and lack of foreign investment.

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 Cuba has been experiencing significant growth and development. Customer preferences in the Cuban Property Insurance market are shifting towards comprehensive coverage that not only protects against natural disasters like hurricanes and floods but also includes coverage for theft, fire, and other unexpected events. Customers are increasingly seeking policies that provide a wide range of protections to safeguard their properties in the face of various risks. One of the key trends in the Cuban Property Insurance market is the increasing adoption of technology and digital platforms for insurance purchases and claims processing. Insurers are leveraging digital tools to streamline their operations, improve customer service, and enhance efficiency in the claims settlement process. This trend is not only making insurance more accessible to customers but also driving competition among insurers to provide innovative and convenient solutions. Local special circumstances, such as the country's vulnerability to natural disasters like hurricanes, have played a significant role in shaping the Property Insurance market in Cuba. The frequency and intensity of natural disasters in the region have heightened awareness among property owners about the importance of having adequate insurance coverage. As a result, there is a growing demand for property insurance policies that offer comprehensive protection against such risks. Underlying macroeconomic factors, including the government's efforts to promote economic stability and growth, have also influenced the development of the Property Insurance market in Cuba. As the economy continues to expand and the real estate market grows, there is a greater need for insurance products that can safeguard investments and assets. This has created opportunities for insurers to introduce new products and tailor their offerings to meet the evolving needs of customers 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.

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.