Andorra Insurance Industry – Key Trends and Opportunities to 2026
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Andorra Insurance Market Report Overview
The gross written premium of the Andorra insurance market was EUR168.6 million ($199.4 million) in 2021. The market is expected to achieve a CAGR of more than 3% during 2021-2026. The Andorra insurance market research report provides in-depth market analysis, information, and insights into the Andorra insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Andorran economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Andorra Insurance Market Outlook, 2021-2026 (UZS Million)
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Andorra Insurance Market Trends
Regulatory update, health insurance for expats and passive residents, and sports insurance are some of the key trends impacting the Andorra insurance market.
In July 2020, the AFA approved Decree No. 98 regarding the implementation of the IFRS and the related interpretations previously adopted by the European Union. The Decree stipulated the approval of interest rate benchmark reform, as set out in IFRS 9. Furthermore, the Decree required financial institutions and investment undertakings to delete their individual and consolidated financial statements from January 1, 2020, and to retrospectively prepare new ones from that date in accordance with the IFRS.
Millions of tourists visit Andorra every year, as it is one of the most famous skiing destinations in Europe. Hence, there is usually a rise in sports-related injuries during the skiing season. Active residents and tourists have the base cover of the public healthcare system, which even allows treatment in foreign countries. In recent years, there has been notable demand for private insurance policies for winter sports activities.
Andorra Insurance Market by Segments
The key segments in the Andorra insurance market are life insurance and general insurance. The general insurance segment dominates the market.
Life Insurance: In 2021, total life personal accident and health was the largest line in the life insurance segment, followed by term life. The healthcare system in Andorra is based on a social insurance model. The Ministry of Health and Welfare oversees healthcare planning at the national level.
General Insurance: It can be further divided into property, liability, financial lines, MAT, miscellaneous, motor, and PA&H. Motor insurance was the largest insurance line in the general insurance segment, followed by property insurance and personal accident and health insurance. Retail insurance was the largest consumer segment.
Andorra Insurance Market Analysis by Segments, 2021 (%)
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Andorra Insurance Market Report Overview
Market Size (2021) | EUR168.6 million ($199.4 million) (GWP) |
CAGR (2021-2026) | >3% |
Forecast Period | 2022-2026 |
Historical Period | 2017-2021 |
Key Segments | Life Insurance and General Insurance |
Segments Covered in the Report
Andorra Insurance Market Segments Outlook (Value, $ Million, 2017-2026)
- Life Insurance
- General Insurance
Scope
This report provides:
- Comprehensive analysis of the Andorra insurance industry.
- Historical values for the Andorra insurance industry for the report’s review period and projected figures for the forecast period.
- A detailed analysis of the key categories in the Andorra insurance industry, and market forecasts to 2026.
- Profiles of the top life insurance companies in Andorra and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Andorra insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Andorra insurance industry.
- Assess the competitive dynamics in the Andorra insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Table of Contents
Frequently asked questions
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What was the Andorra insurance market gross written premium in 2021?
The gross written premium of the Andorra insurance market was EUR168.6 million ($199.4 million) in 2021.
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What is the Andorra insurance market growth rate?
The insurance market in Andorra is expected to achieve a CAGR of more than 3% during 2021-2026.
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What are the key segments of the Andorra insurance market?
The key segments of the Andorra insurance market are life insurance and general insurance.
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Which segment dominates the Andorra insurance market in 2021?
The general insurance segment dominates the Andorra insurance market in 2021.
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