Property Insurance - Myanmar | Statista Market Forecast

The Property Insurance market market in Myanmar is expected to reach a market size of US$527.40m in 2024, in terms of gross written premium.
The average spending per capita in the Property Insurance market market is projected to be US$9.59 in the same year.
Looking ahead, the market is anticipated to grow at an annual growth rate of -1.22% (CAGR 2024-2029), resulting in a market volume of US$495.90m by 2029.
In comparison to other countries, the United States is forecasted to generate the highest gross written premium, amounting to US$240.4bn in 2024.
Myanmar's property insurance market is experiencing rapid growth due to increased foreign investment and a booming real estate sector.

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

In Myanmar, the Property Insurance market is experiencing a notable shift driven by various factors.

Customer preferences: Customers in Myanmar are increasingly recognizing the importance of protecting their properties against unforeseen events such as natural disasters, fires, and theft. This growing awareness has led to a rise in demand for property insurance products as individuals and businesses seek to safeguard their assets.

Trends in the market: One prominent trend in the Myanmar Property Insurance market is the introduction of innovative insurance products tailored to the specific needs of customers. Insurers are offering flexible coverage options and competitive pricing to attract a larger customer base. Additionally, there is a trend towards digitalization in the industry, with more insurers providing online platforms for easy policy purchase and claims processing.

Local special circumstances: Myanmar's unique geographical location exposes it to various natural disasters such as cyclones, floods, and earthquakes. As a result, property owners in the country are increasingly turning to insurance to mitigate the financial risks associated with these events. The government's efforts to promote disaster resilience and risk management have also contributed to the growing demand for property insurance in Myanmar.

Underlying macroeconomic factors: The economic growth and increasing wealth in Myanmar have played a significant role in the development of the Property Insurance market. As individuals and businesses accumulate more assets, the need to protect these investments becomes paramount. Moreover, the regulatory environment in the country has been evolving to support the growth of the insurance sector, creating a favorable landscape for insurers to expand their offerings in the property insurance segment.

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.