Market Insights Financial Insurances Non-life insurances

Property Insurance - Southeast Asia

Southeast Asia

The Property Insurance market market in Southeast Asia is expected to reach a projected market size (gross written premium) of US$12.26bn by 2024.
In the same year, the average spending per capita in the Property Insurance market market is estimated to be US$17.71.
The market is anticipated to grow at an annual growth rate (CAGR 2024-2029) of 2.70%, resulting in a market volume of US$14.01bn by 2029.
In comparison to other countries, the United States is projected to generate the highest gross written premium of US$240.4bn in 2024.
In Southeast Asia, the property insurance market in Singapore is experiencing a shift towards digitalization, with more consumers opting for online platforms to purchase and manage their policies.

Market

Region

Region comparison

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Analyst Opinion

The Property Insurance market in Southeast Asia has been experiencing significant growth and development in recent years. Customer preferences in the region are shifting towards comprehensive property insurance coverage that not only protects against traditional risks such as fire and natural disasters, but also includes additional benefits such as liability coverage and personal property protection. Trends in the market show a growing demand for property insurance in countries like Singapore, Malaysia, and Thailand, driven by rapid urbanization, increasing property values, and a greater awareness of the importance of insurance protection. Insurers in these countries are also introducing innovative products and digital solutions to cater to the evolving needs of customers. Local special circumstances, such as regulatory changes and government initiatives to promote insurance penetration, are further fueling the growth of the Property Insurance market in Southeast Asia. For example, in Indonesia, the government's efforts to increase insurance awareness and improve access to insurance products are boosting the demand for property insurance among the population. Underlying macroeconomic factors, including stable economic growth, rising disposable incomes, and a growing middle class, are creating a conducive environment for the expansion of the Property Insurance market in Southeast Asia. As more individuals and businesses seek to protect their assets and investments, the demand for property insurance is expected to continue growing in the region.

Methodology

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.