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.Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
The Property Insurance market in Panama has been experiencing significant growth and evolution in recent years. Customer preferences in the Property Insurance market in Panama are shifting towards comprehensive coverage that not only protects against natural disasters such as hurricanes and earthquakes but also covers theft and liability. Customers are increasingly looking for customizable insurance plans that suit their individual needs and provide a sense of security for their properties. Trends in the market indicate a rise in demand for property insurance among both homeowners and businesses in Panama. The increasing awareness of the risks associated with natural disasters and the importance of protecting one's assets have been driving this trend. Additionally, the growing real estate market in Panama has also contributed to the expansion of the Property Insurance sector. Local special circumstances, such as Panama's geographical location in a hurricane-prone region and its susceptibility to seismic activity, play a significant role in shaping the Property Insurance market. The frequency of natural disasters in the region has made property owners more conscious of the need for adequate insurance coverage, leading to a higher demand for policies that specifically address these risks. Underlying macroeconomic factors, including the overall economic stability and growth in Panama, have also had a positive impact on the Property Insurance market. As the country continues to develop and attract foreign investment, the value of properties is increasing, prompting property owners to seek insurance coverage to safeguard their investments. Additionally, regulatory reforms and government initiatives aimed at promoting the insurance sector have further fueled the growth of the Property Insurance market 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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights