Non-life insurances - Tajikistan | Statista Market Forecast

The Non-life insurance market in Tajikistan is expected to reach a projected market size (gross written premium) of US$585.40m in 2024.
The average spending per capita in this market is estimated to be US$56.66 in the same year.
With an annual growth rate (CAGR 2024-2029) of 2.66%, the gross written premium is projected to increase, resulting in a market volume of US$667.40m by 2029.
In comparison to other countries, the United States is expected to generate the highest gross written premium, reaching US$2.5tn in 2024.
Despite the growing demand for Non-life insurances in Tajikistan, the market is still relatively underdeveloped compared to other countries in the region.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Non-life insurances market in Tajikistan has been experiencing notable growth and development in recent years. Customer preferences in the Non-life insurance market in Tajikistan are shifting towards more comprehensive coverage options as individuals and businesses seek to protect themselves against a wider range of risks. Customers are increasingly looking for tailored insurance products that address specific needs, such as property insurance, motor vehicle insurance, and health insurance. This trend mirrors global patterns where consumers are becoming more aware of the importance of insurance coverage in mitigating financial risks. Trends in the market indicate a gradual increase in the uptake of Non-life insurance products in Tajikistan. This growth can be attributed to the rising disposable income levels in the country, which have enabled more individuals and businesses to afford insurance premiums. Additionally, the evolving regulatory environment and increased awareness campaigns about the benefits of insurance have contributed to the expansion of the market. Insurers are also introducing innovative products and services to cater to the changing needs of customers, further driving the growth of the Non-life insurance sector in Tajikistan. Local special circumstances, such as the country's geographical location and susceptibility to natural disasters, play a significant role in shaping the Non-life insurance market in Tajikistan. The high exposure to risks such as earthquakes, floods, and landslides has increased the demand for property and casualty insurance among individuals and businesses. Insurers in Tajikistan are adapting their offerings to provide comprehensive coverage against these specific risks, thereby meeting the unique needs of the local market. Underlying macroeconomic factors, including stable economic growth and increasing foreign direct investment, are also contributing to the development of the Non-life insurance market in Tajikistan. As the economy expands and businesses grow, there is a greater need for insurance products to safeguard assets and investments. This favorable economic environment is creating opportunities for insurers to expand their operations and reach a wider customer base in Tajikistan.

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.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.