As of 2017, the insurance industry GWP was valued at BTN 2,504.7 Million (US$38.4 Million). It is expected to value BTN 4,430.1 Million (US$60.4 Million) by 2022. An increase in insurance awareness and financial inclusion partially supported the growth of the Bhutanese insurance industry.
The life insurance segment accounted for 55.7% of the total insurance industry’s GWP in 2017. Within this, retail was the predominant consumer segment, with 93.2% of life GWP’s share in the same year. Growth in the hydro-power sector has supported the growth of the construction industry. Also, mandatory insurance classes such as professional indemnity insurance for insurance brokers are expected to drive the growth of the liability insurance sub-segment.
The Bhutanese insurance industry comprises two state-owned insurers, Royal Insurance Corporation of Bhutan (RICB) and Bhutan Insurance Ltd (BIL). GIC-Bhutan Reinsurance Company Ltd is the sole reinsurer operating in the Bhutanese insurance industry. The country allows 100% foreign direct investment in the insurance industry, which will improve investment opportunities in the industry.
As of August 2017, RICB registered 109,039 life insurance policyholders in the country. RICB offered 24 life insurance products in the country, including insurance for priority sector lending. In August 2017, the government increased the subsidy payment for the premiums under the rural life insurance schemes from BTN 15,000.0 (US$230.3) to BTN 30,000.0 (US$460.7), which is expected to supplement product demand.
The report "Strategic Market Intelligence: Insurance Industry in Bhutan - Key Trends and Opportunities to 2022", provides a detailed outlook by product category for the Bhutanese insurance industry. It provides values for key performance indicators such as written premium, density, penetration, gross claims, paid claims, commissions and expense, loss ratio, expense ratio and net earned premium during the review period (2013-2017) and forecast period (2017-2022). The report gives a comprehensive overview of the Bhutanese economy and demographics.
The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages of insurers operating in the country.
The report provides -
- A comprehensive analysis of the Insurance Industry in Bhutan
- Historical values for the Bhutanese insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period
- Detailed analysis of the key categories in the Bhutanese insurance industry, and market forecasts to 2022
Companies mentioned: Royal Insurance Corporation of Bhutan, Bhutan Insurance Ltd; GIC-Bhutan Reinsurance Company Ltd.
- This report provides a comprehensive analysis of the Insurance Industry in Bhutan.
- It provides historical values for the Bhutanese insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key categories in the Bhutanese insurance industry, and market forecasts to 2022.
Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Bhutanese insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Bhutanese insurance industry.
- Identify growth opportunities in key product categories.