Insurances - Bangladesh

  • Bangladesh
  • The Insurances market in Bangladesh is projected to reach a market size (gross written premium) of US$14.92bn in 2024.
  • Among the various segments, Life insurances dominates the market with a projected market volume of US$9.10bn in 2024.
  • On average, each person in Bangladesh is expected to spend US$85.40 on Insurances market in 2024.
  • When compared globally, the United States leads the way with the highest nominal value, reaching US$4,642.0bn in 2024.
  • The gross written premium in Bangladesh is expected to grow at an annual rate of 4.26% (CAGR 2024-2028), resulting in a market volume of US$17.63bn by 2028.
  • In terms of gross written premium, the United States will continue to generate the most revenue globally, with US$4,642.0bn in 2024.
  • Bangladesh's insurance market is experiencing a surge in demand for health insurance due to the rising awareness of the importance of healthcare coverage.
Region comparison

Analyst Opinion

The insurance market in Bangladesh has been experiencing significant growth and development in recent years.

Customer preferences:
Customers in Bangladesh are increasingly seeking insurance products to protect their assets and mitigate risks. With a growing awareness of the importance of insurance, individuals and businesses are showing a preference for a variety of insurance products, including life insurance, health insurance, and property insurance.

Trends in the market:
One noticeable trend in the insurance market in Bangladesh is the rise of microinsurance products tailored to the needs of low-income individuals. This trend is driven by the government's efforts to increase financial inclusion and provide insurance coverage to a wider population. Additionally, the market is witnessing a shift towards digital insurance services, making it more convenient for customers to purchase and manage their insurance policies online.

Local special circumstances:
Bangladesh's insurance market is unique due to its large population and growing middle class. The market is also influenced by the country's vulnerability to natural disasters, leading to an increased demand for insurance products that offer protection against such risks. Moreover, the regulatory environment plays a crucial role in shaping the insurance landscape in Bangladesh, ensuring consumer protection and market stability.

Underlying macroeconomic factors:
The growth of the insurance market in Bangladesh is supported by favorable macroeconomic factors, such as a stable economic environment, rising disposable income levels, and increasing urbanization. These factors contribute to the overall expansion of the insurance industry as more individuals and businesses seek to safeguard their financial well-being in the face of uncertainties.


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.


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.


  • Gross Written Premium
  • Gross Claim Payments
  • Loss Ratio
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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