Report Overview

Middle East and Africa Insurance Market – Industry Trends & Forecast Report, 2029

Middle East and Africa insurance market size was estimated at USD 255.02 billion in 2022. During the forecast period between 2023 and 2029, the size of Middle East and Africa insurance market is projected to grow at a CAGR of 7.17% reaching a value of USD 386.39 billion by 2029. The Middle East and Africa insurance market growth is primarily driven by growing awareness about the importance of insurance coverage, spurred by economic development and increased urbanization. Expanding populations and a growing middle class are increasing the demand for insurance products, such as life, health, and property insurance. Also, regulatory reforms are enhancing the insurance industry's stability and attractiveness to investors. Technological advancements are also playing a crucial role, with digitalization and mobile apps making insurance more accessible and convenient. On top of that, increasing risk awareness due to factors like climate change is propelling the insurance market in the region.

Middle East and Africa Insurance Market - Overview

Insurance is a financial arrangement where individuals or organizations pay premiums to an insurer in exchange for protection against specified risks. It serves as a safeguard against unforeseen events, such as accidents, illnesses, natural disasters, or property damage. In the event of a covered loss, the insurer provides compensation to the policyholder. Insurance offers peace of mind, financial security, and a means to manage risks. It encompasses various types, including life, health, auto, home, and business insurance, tailored to meet diverse needs. Insurance plays a crucial role in modern economies by spreading risks and promoting stability for individuals and businesses.

Growth Drivers

Digital Transformation

Middle East and Africa insurance market is experiencing a significant growth driver through digital transformation. As the region increasingly embraces technology and connectivity, insurance companies are leveraging digital platforms to enhance customer engagement, streamline operations, and develop innovative products. Mobile apps, online portals, and data analytics are enabling insurers to reach previously underserved populations, improve risk assessment, and offer personalized policies. Furthermore, the adoption of InsurTech solutions is reducing administrative costs and boosting efficiency. This digital evolution is not only expanding market penetration but also fostering trust and transparency, leading to sustained growth in the insurance industry across the Middle East and Africa.

Challenges

Prolonging Israel-Hamas War and Escalating Geopolitical Tension across Middle East

The raging war between Israel and Hamas, a Palestine-based militant and nationalist organization, sends shockwaves across various industries, particularly oil & gas, transcending geographic boundaries and affecting businesses globally. The conflict between Israel-Hamas has been a longstanding, deeply entrenched geopolitical issue. On October 07, 2023, Hamas, in a surprise and heavy attack, struck Israel with thousands of rockets and infiltrations killing more than 1,100 people. In response, the prime minister of Israel declared war against Hamas and anticipated that the war would be ‘long and difficult.’ The United States has sent its warships and aid to Israel and stated that its citizens were killed in the war. The prolonging war in West Asia and escalating the Middle East will affect industries across verticals and regions.

Effects of the Israel-Hamas war on the Middle East and Africa insurance market are primarily driven by uncertainties and instability in the Middle East region. The conflict creates an atmosphere of uncertainty that makes companies and policyholders wary. The Israel-Hamas conflict significantly impacts the insurance industry in the Middle East and Africa, causing a multitude of challenges and uncertainties. The raging war in the region lead to increased risks for businesses, property owners, and individuals, prompting a surge in insurance claims. Insurance companies face elevated costs due to the higher probability of damage to properties, infrastructure, and assets. Additionally, the geopolitical tensions can lead to changes in regulations and policies, affecting insurance markets and investments. The environment of heightened risk often results in rising premiums, making it more expensive for businesses and individuals to secure adequate coverage. The prolonging conflict also fosters a climate of uncertainty, making it difficult for insurance companies to accurately assess and price risks, further complicating their operations in the Middle East and Africa.

Impact of COVID-19 on Middle East and Africa Insurance Market

COVID-19 pandemic had a multifaceted impact on the Middle East and Africa Insurance Market. On one hand, there was an increased awareness of the need for insurance coverage, driving demand for health and life insurance products. However, the economic downturn in the region affected the ability of individuals and businesses to afford insurance premiums, leading to a dip in sales and revenue for insurers. Insurers also faced challenges in assessing and pricing pandemic-related risks. Overall, the pandemic underscored the importance of insurance, but the economic challenges posed hurdles for the industry necessitating adaptability, and innovation in the market.

Middle East and Africa Insurance Market

Segmental Coverage

Middle East and Africa Insurance Market – By Customer

Based on customer, Middle East and Africa insurance market is divided into Individual, Corporate & SME, and Government & Public Sector segments. Government & public sector are often the largest, encompassing insurance needs for government entities, public institutions, and related organizations. This segment typically involves substantial insurance coverage requirements due to the scale and responsibilities of government and public sector entities. Meanwhile, Individuals, Corporates, and SMEs also play significant roles in the market, catering to personal and business insurance needs. This diversification within the market reflects the varying insurance demands across these distinct segments.

Middle East and Africa Insurance Market – By Product Type

By product type, the Middle East and Africa insurance market is divided into Life Insurance, Non-Life (General) Insurance, and Reinsurance segments. The non-life (general) insurance segment, which encompasses a wide range of coverage options such as property, liability, and auto insurance. The segment serves as a vital component in protecting against various risks and uncertainties in the region. While the life insurance and reinsurance segments also play significant roles, the non-life insurance segment tends to have a broader customer base and addresses a multitude of everyday risks, making it the dominant and most extensive segment within the insurance market in the Middle East and Africa.

Middle East and Africa Insurance Market – By Distribution Channel

By distribution channel, Middle East and Africa insurance market is divided into Agents/Brokers, Bancassurance, and Direct Sales (Online and Call Centers) segments. The agents/brokers segment dominates the market. These intermediaries play a crucial role in insurance distribution, providing personalized advice and assistance to customers. The second significant segment is Bancassurance, where insurance products are sold through banking channels. The third segment, Direct Sales (Online and Call Centers), also holds a significant share in the market, catering to tech-savvy consumers. However, agents/brokers stand out as the most substantial segment due to their ability to offer in-person guidance and establish trust with policyholders, making them a dominant force in the regional insurance landscape.

Middle East and Africa Insurance Market – By Country

Geographically, Middle East and Africa insurance market is divided into Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, and Rest of MEA. Saudi Arabia stands out as a significant player in the insurance industry within the Middle East and Africa region, boasting a robust and growing market. This is closely followed by the United Arab Emirates (UAE), which also plays a pivotal role in the insurance sector. Other notable segments include Qatar, Kuwait, South Africa, Nigeria, Algeria, and the Rest of the Middle East and Africa. These countries collectively contribute to the diverse landscape of the insurance market in the Middle East and Africa.

Competitive Landscape

Major players in the Middle East and Africa Insurance market include Allianz SE, AXA Group, Sanlam Group, Old Mutual Limited, Liberty Holdings Limited, Metropolitan Life Insurance Company, Zurich Insurance Group, RSA Insurance Group, Arab Orient Insurance Company, SAICO, and NICO Holdings Limited. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

 By Customer

• Individual

• Corporate & SME

• Government & Public Sector

By Product Type

• Life Insurance

• Non-Life (General) Insurance

• Reinsurance

By Distribution Channel

• Agents/Brokers

• Bancassurance

• Direct Sales (Online & Call Centers)

By Country

• Saudi Arabia

• UAE

• Qatar

• Kuwait

• South Africa

• Nigeria

• Algeria

• Rest of MEA

1. Research Framework
   1. Research Objective
   2. Distribution Channel Overview
   3. Market Segmentation
2. Executive Summary
3. Middle East and Africa Insurance Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising awareness of insurance
         2. Increasing healthcare costs
      2. Restraints
         1. Low insurance penetration and awareness
         2. Lack of trust in insurance industry
      3. Opportunities
         1. Growth and expansion of infrastructure and construction insurance
         2. Increasing digital technologies
      4. Challenges
         1. Limited access to data and technology
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Middle East and Africa Insurance Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Customer
         1. Individual
         2. Corporate & SME
         3. Government & Public Sector
      2. By Product Type
         1. Life Insurance
         2. Non-Life (General) Insurance
         3. Reinsurance
         4. Others
      3. By Distribution Channel
         1. Agents/Brokers
         2. Bancassurance
         3. Direct Sales (Online & Call Centers)
         4. Others
      4. By Country
         1. Saudi Arabia
         2. UAE
         3. Qatar
         4. Kuwait
         5. South Africa
         6. Nigeria
         7. Algeria
         8. Rest of MEA
5. Saudi Arabia Insurance Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
      2. By Distribution Channel
6. UAE Insurance Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Customer
      2. By Product Type
      3. By Distribution Channel
7. Qatar Insurance Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Customer
      2. By Product Type
      3. By Distribution Channel
8. Kuwait Insurance Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Customer
      2. By Product Type
      3. By Distribution Channel
9. South Africa Insurance Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Customer
      2. By Product Type
      3. By Distribution Channel
10. Nigeria Insurance Market
    1. Market Size & Forecast, 2019–2029
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Customer
       2. By Product Type
       3. By Distribution Channel
11. Algeria Insurance Market
    1. Market Size & Forecast, 2019–2029
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Customer
       2. By Product Type
       3. By Distribution Channel
12. Rest of MEA Insurance Market
    1. Market Size & Forecast, 2019–2029
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Customer
       2. By Product Type
       3. By Distribution Channel
13. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Middle East and Africa Insurance Company Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
14. Impact of COVID-19 on Middle East and Africa Insurance Market
15. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. Allianz SE
    2. AXA Group
    3. Sanlam Group
    4. Old Mutual Limited
    5. Liberty Holdings Limited
    6. Metropolitan Life Insurance Company
    7. Zurich Insurance Group
    8. RSA Insurance Group
    9. Arab Orient Insurance Company
    10. SAICO
    11. NICO Holdings Limited
    12. Other Prominent Players
16. Key Strategic Recommendations
17. Research Methodology
    1.    Qualitative Research
       1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.    Breakdown of Primary Research Respondents, By Region
    5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       Middle East and Africa Insurance Segmentation

Figure 2       Middle East and Africa Insurance Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Middle East & Africa Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 5       Middle East & Africa Insurance Market Share, By Customer, By Value, 2019–2029

Figure 6       Middle East & Africa Insurance Market Share, By Product Type, By Value, 2019–2029

Figure 7       Middle East & Africa Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 8       Middle East & Africa Insurance Market Share, By Country, By Value, 2019–2029

Figure 9       Saudi Arabia Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 10     Saudi Arabia Insurance Market Share, By Customer, By Value, 2019–2029

Figure 11     Saudi Arabia Insurance Market Share, By Product Type, By Value, 2019–2029

Figure 12     Saudi Arabia Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 13     UAE Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 14     UAE Insurance Market Share, By Customer, By Value, 2019–2029

Figure 15     UAE Insurance Market Share, By Product Type, By Value, 2019–2029

Figure 16     UAE Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 17     Qatar Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 18     Qatar Insurance Market Share, By Customer, By Value, 2019–2029

Figure 19     Qatar Insurance Market Share, By Product Type, By Value, 2019–2029

Figure 20     Qatar Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 21     Kuwait Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 22     Kuwait Insurance Market Share, By Customer, By Value, 2019–2029

Figure 23     Kuwait Insurance Market Share, By Product Type, By Value, 2019–2029

Figure 24     Kuwait Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 25     South Africa Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 26     South Africa Insurance Market Share, By Customer, By Value, 2019–2029

Figure 27     South Africa Insurance Market Share, By Product Type, By Value, 2019–2029

Figure 28     South Africa Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 29     Nigeria Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 30     Nigeria Insurance Market Share, By Customer, By Value, 2019–2029

Figure 31     Nigeria Insurance Market Share, By Product Type, By Value, 2019–2029

Figure 32     Nigeria Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 33     Algeria Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 34     Algeria Insurance Market Share, By Customer, By Value, 2019–2029

Figure 35     Algeria Insurance Market Share, By Product Type, By Value, 2019–2029

Figure 36     Algeria Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 37     Rest of MEA Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 38     Rest of MEA Insurance Market Share, By Customer, By Value, 2019–2029

Figure 39     Rest of MEA Insurance Market Share, By Product Type, By Value, 2019–2029

Figure 40     Rest of MEA Insurance Market Share, By Distribution Channel, By Value, 2019–2029

List of Tables

Table 1        Middle East & Africa Insurance Market Size, By Value (USD Billion), 2019–2029

Table 2        Middle East & Africa Insurance Market Share, By Customer, By Value, 2019–2029

Table 3        Middle East & Africa Insurance Market Share, By Product Type, By Value, 2019–2029

Table 4        Middle East & Africa Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Table 5        Middle East & Africa Insurance Market Share, By Country, By Value, 2019–2029

Table 6        Saudi Arabia Insurance Market Size, By Value (USD Billion), 2019–2029

Table 7        Saudi Arabia Insurance Market Share, By Customer, By Value, 2019–2029

Table 8        Saudi Arabia Insurance Market Share, By Product Type, By Value, 2019–2029

Table 9        Saudi Arabia Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Table 10      UAE Insurance Market Size, By Value (USD Billion), 2019–2029

Table 11      UAE Insurance Market Share, By Customer, By Value, 2019–2029

Table 12      UAE Insurance Market Share, By Product Type, By Value, 2019–2029

Table 13      UAE Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Table 14      Qatar Insurance Market Size, By Value (USD Billion), 2019–2029

Table 15      Qatar Insurance Market Share, By Customer, By Value, 2019–2029

Table 16      Qatar Insurance Market Share, By Product Type, By Value, 2019–2029

Table 17      Qatar Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Table 18      Kuwait Insurance Market Size, By Value (USD Billion), 2019–2029

Table 19      Kuwait Insurance Market Share, By Customer, By Value, 2019–2029

Table 20      Kuwait Insurance Market Share, By Product Type, By Value, 2019–2029

Table 21      Kuwait Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Table 22      South Africa Insurance Market Size, By Value (USD Billion), 2019–2029

Table 23      South Africa Insurance Market Share, By Customer, By Value, 2019–2029

Table 24      South Africa Insurance Market Share, By Product Type, By Value, 2019–2029

Table 25      South Africa Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Table 26      Nigeria Insurance Market Size, By Value (USD Billion), 2019–2029

Table 27      Nigeria Insurance Market Share, By Customer, By Value, 2019–2029

Table 28      Nigeria Insurance Market Share, By Product Type, By Value, 2019–2029

Table 29      Nigeria Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Table 30      Algeria Insurance Market Size, By Value (USD Billion), 2019–2029

Table 31      Algeria Insurance Market Share, By Customer, By Value, 2019–2029

Table 32      Algeria Insurance Market Share, By Product Type, By Value, 2019–2029

Table 33      Algeria Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Table 34      Rest of MEA Insurance Market Size, By Value (USD Billion), 2019–2029

Table 35      Rest of MEA Insurance Market Share, By Customer, By Value, 2019–2029

Table 36      Rest of MEA Insurance Market Share, By Product Type, By Value, 2019–2029

Table 37      Rest of MEA Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Table 38      Allianz SE Company Overview

Table 39      Allianz SE Financial Overview

Table 40      AXA Group Company Overview

Table 41      AXA Group Financial Overview

Table 42      Sanlam Group Company Overview

Table 43      Sanlam Group Financial Overview

Table 44      Old Mutual Limited Company Overview

Table 45      Old Mutual Limited Financial Overview

Table 46      Liberty Holdings Limited Company Overview

Table 47      Liberty Holdings Limited Financial Overview

Table 48      Metropolitan Life Insurance Company Company Overview

Table 49      Metropolitan Life Insurance Company Financial Overview

Table 50      Zurich Insurance Group Company Overview

Table 51      Zurich Insurance Group Financial Overview

Table 52      RSA Insurance Group Company Overview

Table 53      RSA Insurance Group Financial Overview

Table 54      Arab Orient Insurance Company: Company Overview

Table 55      Arab Orient Insurance Company Financial Overview

Table 56      SAICO Company Overview

Table 57      SAICO Financial Overview

Table 58      NICO Holdings Limited Company Overview

Table 59      NICO Holdings Limited Financial Overview