Property Insurance - Papua New Guinea

The Property Insurance market market in Papua New Guinea is expected to reach a projected market size of US$219.80m in 2024.
The average spending per capita in the Property Insurance market market is estimated to be US$20.91 in the same year.
With an annual growth rate (CAGR 2024-2029) of 3.15%, the gross written premium is anticipated to increase, resulting in a market volume of US$256.80m by 2029.
In comparison to other countries worldwide, the United States is projected to generate the highest gross written premium of US$240.4bn in 2024.
Papua New Guinea's Property Insurance market is experiencing a surge in demand due to increased awareness and investment in real estate developments.

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

The Property Insurance market in Papua New Guinea is experiencing significant growth and development. Customer preferences in Papua New Guinea are shifting towards seeking comprehensive insurance coverage for their properties, including protection against natural disasters such as earthquakes and floods. Customers are increasingly looking for insurance policies that offer not only financial security but also peace of mind in the face of potential risks. Trends in the market show a rise in demand for property insurance products tailored to the unique geographical and environmental conditions of Papua New Guinea. Insurers are introducing innovative solutions to address specific risks faced by property owners in the region, such as volcanic eruptions and landslides. Additionally, there is a growing trend towards digitalization in the insurance sector, with more customers opting to purchase policies online for convenience and accessibility. Local special circumstances, such as the country's exposure to natural disasters and the lack of adequate government support in post-disaster recovery, are driving the need for property insurance in Papua New Guinea. Property owners are increasingly recognizing the importance of being financially prepared for unforeseen events, leading to a greater uptake of insurance products in the market. Underlying macroeconomic factors, including steady economic growth and increasing urbanization rates in Papua New Guinea, are also contributing to the development of the Property Insurance market. As more individuals and businesses invest in real estate properties, the demand for insurance coverage to protect these assets is on the rise. Additionally, regulatory reforms and efforts to enhance consumer awareness about the benefits of property insurance are further fueling market growth 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.