Market Insights Financial Insurances Non-life insurances

Property Insurance - Timor-Leste

Timor-Leste

The Property Insurance market market in Timor-Leste is expected to reach a projected market size (gross written premium) of US$73.45m in 2024.
The average spending per capita in the Property Insurance market market is estimated to be US$53.23 in the same year.
With an annual growth rate (CAGR 2024-2029) of 1.13%, the gross written premium is predicted to increase, resulting in a market volume of US$77.69m by 2029.
In global comparison, it is worth noting that the United States is anticipated to generate the highest gross written premium, amounting to US$240.4bn in 2024.
Timor-Leste's property insurance market is experiencing steady growth due to increased foreign investments in the country's infrastructure development projects.

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Analyst Opinion

The Property Insurance market in Timor-Leste is experiencing steady growth and development. Customer preferences in Timor-Leste lean towards property insurance coverage that provides protection against natural disasters such as floods, earthquakes, and landslides. Customers also show a preference for policies that offer comprehensive coverage for both residential and commercial properties. Trends in the market indicate a shift towards increased awareness and demand for property insurance as the country continues to develop its infrastructure and urban areas. With a growing middle class and rising property investments, more individuals and businesses are recognizing the importance of safeguarding their assets through insurance coverage. Local special circumstances in Timor-Leste, such as its susceptibility to natural disasters and the need for post-conflict reconstruction, play a significant role in shaping the property insurance market. These circumstances drive the demand for insurance products that specifically cater to the unique risks faced by property owners in the country. Underlying macroeconomic factors, including economic growth, urbanization, and regulatory developments, are contributing to the expansion of the property insurance market in Timor-Leste. As the economy grows and more properties are developed, the need for insurance protection becomes increasingly apparent. Additionally, regulatory efforts to strengthen the insurance sector and improve consumer awareness are also influencing the market trends positively.

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.