Property Insurance - Uzbekistan | Statista Market Forecast

The Property Insurance market market in Uzbekistan is expected to witness significant growth in the coming years.
By 2024, the market size, measured by gross written premium, is projected to reach US$511.20m.
This indicates a positive trend in the insurance sector within the country.
Furthermore, the average spending per capita in the Property Insurance market market is expected to amount to US$14.33 in 2024.
This figure highlights the level of investment individuals are willing to make to protect their properties in Uzbekistan.
Looking ahead, the market is anticipated to continue its growth trajectory.
With an annual growth rate (CAGR 2024-2029) of 6.15%, the gross written premium is projected to reach US$688.90m by 2029.
This indicates a promising future for the Property Insurance market market in Uzbekistan.
In a global comparison, it is noteworthy that the United States is projected to generate the highest gross written premium in 2024, amounting to US$240.4bn.
This demonstrates the dominance of the US market in terms of Property Insurance market.
Overall, the Property Insurance market market in Uzbekistan shows great potential for growth and development, with positive projections for the coming years.
The property insurance market in Uzbekistan is experiencing a surge in demand due to the country's growing economy and increased investment in infrastructure projects.

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

Over the past few years, the Property Insurance market in Uzbekistan has been experiencing steady growth and development. Customer preferences in the Property Insurance market in Uzbekistan are shifting towards comprehensive coverage that not only protects their properties but also offers additional benefits such as liability coverage and natural disaster protection. Trends in the market indicate a rise in demand for property insurance products tailored to the specific needs of Uzbekistan's growing middle class. Insurers are increasingly offering customizable policies that cater to individual preferences and budget constraints. Local special circumstances, such as the government's efforts to promote financial literacy and insurance awareness among the population, are playing a significant role in driving the growth of the Property Insurance market in Uzbekistan. Additionally, the increasing urbanization and infrastructure development in the country are creating opportunities for insurers to expand their customer base. Underlying macroeconomic factors, including a stable economic environment and regulatory reforms aimed at improving transparency and efficiency in the insurance sector, are also contributing to the positive trajectory of the Property Insurance market in Uzbekistan. As the country continues to modernize and open up to foreign investment, the insurance industry is expected to further flourish.

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.