Bhutan Insurance Industry – Key Trends and Opportunities to 2028
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Bhutan Insurance Market Report Overview
The gross written premium (GWP) of the Bhutan insurance market was BTN3.2 billion ($38.2 million) in 2023. The market will achieve a CAGR of more than 5% during 2024-2028. The Bhutan insurance market research report provides in-depth market analysis, information, and insights into the Bhutan insurance industry. It provides a detailed outlook by product category as well as values for key performance indicators such as gross written premium, premium accepted and ceded, profitability ratios, and premium by line of business, during the review and forecast periods.
Bhutan Insurance Market Outlook, 2023-2028 (BTN Billion)
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The Bhutan insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Bhutan’s economy and demographics. It further evaluates the competitive landscape, which entails information on segment dynamics, 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.
| Market Size (2023) | BTN3.2 billion ($38.2 million) |
| CAGR (2024-2028) | >5% |
| Forecast Period | 2024-2028 |
| Historical Period | 2019-2023 |
| Key Sectors | · General Insurance
· Life Insurance |
| Key Companies | · Royal Insurance Corporation of Bhutan
· Bhutan Insurance · GIC Bhutan |
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Bhutan Insurance Market Trends
The key trends impacting the Bhutanese insurance market are health and agricultural insurance. For instance, in July 2024, the RICB launched a cashless medical insurance plan in Thimphu, providing access to over 500 hospitals in India for Bhutanese nationals and foreign residents living in Bhutan for over six months. The policy covers two adults and up to three children. It includes hospital room rent, free biennial medical checkups, comprehensive in-patient care, and pre-and post-hospitalization expenses for 30 to 60 days, with a two-year waiting period for pre-existing conditions.
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Bhutan Insurance Market by Sectors
The key sectors in the Bhutan insurance market are life insurance and general insurance. The general insurance sector was the major contributor to the Bhutan GWP share in 2023.
Bhutan Insurance Market Analysis by Sectors, 2023 (%)
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Bhutan Insurance Market – Competitive Landscape
In 2023, Royal Insurance Corporation of Bhutan was the leading insurer in Bhutan
A few of the key companies in the Bhutan insurance market are:
- Royal Insurance Corporation of Bhutan
- Bhutan Insurance
- GIC Bhutan
Bhutan’s insurance industry is highly concentrated. As per BIL, only three insurance companies operate in Bhutan. Of these, BIL provides non-life insurance, RICB provides both non-life and life insurance, and GIC Bhutan Reinsurance provides reinsurance.
Bhutan General Insurance Market Analysis by Companies, 2023 (%)
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Bhutan Insurance Market – Latest Developments
- In June 2024, the government announced the pilot for a crop and livestock insurance scheme. The pilot phase focuses on specific crops (paddy, maize, potatoes, and oranges) and livestock (cattle, pigs, and poultry).
- On April 25, 2024, the United Nations Environment Programme introduced a new platform, Forum for Insurance Transition to Net Zero, replacing the former Net-Zero Insurance Alliance. The move aims to expedite the insurance sector’s voluntary shift toward net-zero emissions and provide a comprehensive support system for insurers and reinsurers dedicated to achieving this goal by 2050.
Segments Covered in the Report
Bhutan Insurance Market Sectors Outlook (Value, BTN Billion, 2019-2028)
- Life Insurance
- General Insurance
Scope
- This report provides a comprehensive analysis of the Bhutan insurance industry.
- It provides historical values for the review period and projected figures for the forecast period.
- It offers a detailed analysis of the key categories in the Bhutan insurance industry and market forecasts up to 2028.
- It profiles the top life insurance companies in Bhutan and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Bhutan insurance industry.
- A comprehensive overview of the Bhutan economy, government initiatives, and investment opportunities.
- The Bhutan insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Bhutan insurance industry’s market structure giving details of lines of business.
- Bhutan’s reinsurance business’s market structure giving details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Bhutan insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Bhutan insurance industry.
- Assess the competitive dynamics in the Bhutan insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Bhutan Insurance Limited
GIC Bhutan Reinsurance
Table of Contents
Frequently asked questions
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What was the Bhutan insurance market gross written premium in 2023?
The gross written premium of the Bhutan insurance market was BTN3.2 billion ($38.2 million) in 2023.
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What will the growth rate of the Bhutan insurance market be during the forecast period?
The insurance market in Bhutan is expected to achieve a CAGR of more than 5% during 2024-2028.
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Which segment dominated the Bhutan insurance market in 2023?
The general insurance segment dominated the Bhutan insurance market in 2023.
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Which are the major companies operating in the Bhutan insurance market?
A few of the key companies in the Bhutan insurance market are Royal Insurance Corporation of Bhutan, Bhutan Insurance, and GIC Bhutan.
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