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Russian aviation market will remain profitable in 2025 despite Angara Air- lines crash

Following the news that, on July 24, 2025, Angara Airlines Flight 2311, an Antonov An-24RV turboprop, crashed near Tynda in Amur Oblast in eastern Russia, resulting in the tragic loss of all 48 people on board—including 42 passengers and 6 crew.

A leading data and analytics company, comments:

This catastrophic accident will cost around $20 to $25 million to the Russian aviation insurance market. Claims paid by Russian insurers for the AZAL plane crash in December 2024, and this accident will not only reduce the profitability of the Russian aviation insurance market in 2025 but also in- crease the reinsurance rate for Russian insurers. It signals a growing pattern of severe and frequent losses that will reshape the risk environment for both the Russian and international aviation insurance and reinsurance markets, which are already reeling under pressure from the costly Air India plane crash in June 2025.

The crash not only represents an immense human tragedy but also marks one of the largest single claims events

in the recent Russian aviation insurance market. The total loss will comprise around $10 million of aviation hull and the rest as liability claims. Insurers will cover liability claims related to passenger fatalities, governed by Russian law and the internationally binding Montreal Convention. Initial estimation of liability claims, based on applicable regulations, could go up to $9 million. However, this could further escalate based on the investigation report.

Russian insurers will bear a major portion of the loss, as aviation insurers retain most of the risk and cede less than 60% of the gross written premiums (GWP) to reinsurers during 2020-24. In 2024, insurers ceded 32.6% of the GWP to reinsurers.

Philippines general insurance industry to reach $3.9 billion by 2029

The general insurance industry in the Philippines is projected to grow at a robust compound annual growth rate (CAGR) of 10.6%, increasing from PHP153.8 billion ($2.7 billion) in 2025 to PHP229.7 billion ($3.9 billion) by 2029, in terms of gross written premium (GWP), according to Global Data, a leading data and analytics company.

Philippines General Insurance Report, the general insurance market in the Philippines is estimated to reach PHP153.8 billion ($2.7 billion) in 2025, reflecting an annual growth rate of 9.6%. This growth is attributed to the rising demand for comprehensive insurance solutions due to frequent natural disasters, the expansion of digital plat- forms that enhance accessibility, and the introduction of parametric insurance products that provide immediate financial relief.

Swarup Kumar Sahoo, Senior Insurance Analyst at Global Data, comments: ” Heightened climate risks and digital transformation are reshaping the general insurance market in the Philip- pines. The government’s proactive approach to disaster response and the introduction of parametric insurance are crucial in addressing the protection gap, while digital initiatives are making insurance more accessible to underserved communities.

The current insurance penetration rate in the Philippines remains low at below 1.9%, indicating a substantial opportunity for growth. The government’s initiatives to enhance disaster preparedness, the rising awareness of insurance products, particularly among low-income households, and the growing popularity of microinsurance products are expected to increase insurance industry penetration.

Property insurance is the largest line of business and is expected to account for 39.5% of the general insurance GWP in 2025. The country faces significant climate risks, with an annual average of 20 storms and typhoons impacting it. The introduction of parametric insurance solutions is anticipated to pro- vide quicker payouts based on pre- defined parameters, thereby enhancing the resilience of local governments and communities to climate-related disasters. This shift towards comprehensive insurance solutions is essential, given the current catastrophe protection gap of 98% compared to the global average of 58%, according to the World Risk Index.

Kenya general insurance industry to reach $1.9 billion by 2029

The general insurance industry in Kenya is projected to grow at a com- pound annual growth rate (CAGR) of 9.1%, increasing from KES238.8 billion ($1.6 billion) in 2025 to KES338.3 billion ($1.9 billion) by 2029, in terms of gross written premium (GWP), according to Global Data, a leading data and analytics company.

Kenya General Insurance Report, the general insurance market in Kenya is estimated to register an annual growth rate of 9.9% in 2025. This growth is attributed to increasing adoption of microinsurance, the rise of Insurtech solutions, and the introduction of inclusive insurance products aimed at underserved populations. Additionally, the advancements in digital capabilities and a growing emphasis on sustainability will support the market to expand during 2025-29.

Swarup Kumar Sahoo, Senior Insurance Analyst at Global Data, comments: ” The low insurance uptake in Kenya highlights a significant opportunity for insurers to innovate and reach underserved segments. The introduction of inclusive insurance plans and partnerships with fintech companies are some of the essential steps toward enhancing coverage and addressing the needs of diverse consumer groups.

Personal accident and health is the largest line of business and is expected to account for 38.1% of the general insurance GWP in 2025. The growth of PA&H insurance in Kenya is currently facing challenges, with a high loss ratio of 78.6% in 2024, and the introduction of the Social Health Insurance (SHA) is impacting private health insurance growth.

UAE general insurance market to surpass $20 billion by 2029

The general insurance market in the United Arab Emirates (UAE) is projected to grow at a compound annual growth rate (CAGR) of 10%, increasing from AED 46.2 billion ($12.6 billion) in 2024 to AED 74.4 billion ($20.2 billion) by 2029, in terms of gross written premium (GWP), according to Global Data, a leading data and analytics company.

UAE General Insurance Report, the country’s general insurance market is estimated to reach AED 52.6 billion ($14.3 billion) in 2025, reflecting a strong annual growth of 13.8%. This growth is driven by the implementation of mandatory health insurance, increasing awareness of personal accident coverage, and the rising demand for property and motor insurance due to an increase in natural disasters.

Swarup Kumar Sahoo, Senior Insurance Analyst at Global Data, comments: “The ongoing digital transformation, including innovations like telematics and wearable technology, is revolutionizing pricing models and increasing operational efficiency of the UAE’s general insurance industry. Alongside this, the introduction of mandatory health insurance for private sector employees and domestic workers, effective January 2025, is expected to significantly broaden the market, while the rising awareness of personal accident coverage will further stimulate demand.

Personal Accident and Health (PA&H) insurance is the largest line of business and is expected to account for 61.2% of the general insurance GWP in the UAE in 2025. The PA&H segment is projected to grow by 15.1% in 2025.

Increased demand from private sector employers and domestic workers, coupled with enhanced coverage requirements, is expected to boost health premiums and policy uptake. Additionally, the alarming rise in road fatalities, particularly among young adults, underscores the urgent need for personal accident coverage, further propelling demand. Despite challenges such as inflation and increased claims, the PA&H sector is projected to register robust growth, rising at a CAGR of 9.7% during 2025-29.