Insurances

The Insurances market in Tajikistan is projected to reach a gross written premium of US$1.05bn in 2024.
Non-Life Insurances dominate the market with a projected market volume of US$585.40m in 2024.
The average spending per capita in the Insurances market is estimated to be US$101.90 in 2024.
When compared globally, the United States has the highest nominal value, with a projected gross written premium of US$3.8tn in 2024.
The market is expected to grow at an annual rate of 2.32% (CAGR 2024-2029), resulting in a market volume of US$1.18bn by 2029.
Once again, the United States is expected to generate the highest gross written premium in 2024, with US$3.8tn.
In Tajikistan, the insurance market has been experiencing steady growth due to increasing awareness of the importance of insurance coverage among individuals and businesses.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. 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, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

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

The Insurances market in Tajikistan has been experiencing significant growth and development in recent years. Customer preferences in Tajikistan's insurance market are shifting towards more comprehensive coverage options as the population becomes more aware of the importance of insurance protection. Customers are increasingly seeking policies that provide not only basic coverage but also additional benefits such as health and life insurance. This change in preferences is in line with global trends where individuals are becoming more risk-conscious and are looking to safeguard their financial well-being. Trends in the market indicate a rise in the adoption of digital platforms for purchasing insurance products in Tajikistan. Insurers are leveraging technology to reach a wider customer base and offer convenient and efficient services. This trend mirrors the global shift towards digitalization in the insurance industry, where online platforms are becoming increasingly popular for comparing policies and making purchases. Local special circumstances in Tajikistan, such as a growing middle class and increasing disposable income, are driving the expansion of the insurance market. As more people move into higher income brackets, the demand for insurance products is expected to rise. Additionally, the government's efforts to promote insurance awareness and regulate the market are creating a more conducive environment for insurance companies to operate in the country. Underlying macroeconomic factors, including stable economic growth and a young population, are also contributing to the development of the insurance market in Tajikistan. As the economy continues to expand, more individuals and businesses are recognizing the need for insurance as a risk management tool. The youthful demographic profile of the country presents a significant opportunity for insurers to tap into a large, potentially lucrative market. Overall, the insurance market in Tajikistan is poised for further growth and evolution as customer preferences evolve, digitalization continues to advance, local circumstances drive demand, and macroeconomic factors remain favorable for the industry.

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.