Report Overview

Digitalization, expanding mobile penetration, evolving customer expectations, regulatory changes, and a growing need for innovative insurance solutions. Factors such as emerging tech adoption, demand for personalized services, and a maturing startup ecosystem further drive its growth are the key factors propelling the growth of the Middle East and Africa Insurtech Market during the forecast period between 2023 and 2029.

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

Middle East and Africa insurtech market size was estimated at USD 231.32 million in 2022. During the forecast period between 2023 and 2029, the size of Middle East and Africa insurtech market is projected to grow at a CAGR of 38.78% reaching a value of USD 1652.56 million by 2029. The Middle East and Africa insurtech market is propelled by several key factors. These include a burgeoning tech-savvy population eager for innovative insurance solutions, increased internet and mobile penetration fostering accessibility, a growing demand for personalized insurance products, regulatory support for insurtech development, and rising investment interest in the region's tech startups. Also, the need to modernize traditional insurance models, enhance operational efficiency, and address underserved markets contributes to the market's expansion. These factors collectively drive the rapid growth and adoption of insurtech solutions across the Middle East and Africa. 

Insurtech - Overview

Insurtech, a fusion of "insurance" and "technology," revolutionizes the insurance industry by leveraging innovative tech like AI, big data, and IoT. It streamlines operations, enhances user experience, and develops innovative insurance products. Insurtech facilitates personalized policies, quicker claims processing, and risk analysis, optimizing efficiency and reducing costs. Startups and established companies alike are diving into this domain, sparking a wave of digital transformation within the traditionally conservative insurance sector.

Middle East and Africa Insurtech Market

Growth Drivers

Accelerated Digital Transformation

In recent years, the Middle East and Africa insurtech market have witnessed an unparalleled surge due to the rapid adoption of digital technologies. The incorporation of cutting-edge tools, like AI and blockchain, alongside a shift towards customer-focused, personalized solutions, has transformed the insurance landscape. This evolution has streamlined operations, enhanced efficiency, and widened access, catering to previously underserved populations. The accelerated digital transformation not only modernizes the industry but also drives innovation, fostering a more inclusive and responsive insurance ecosystem in the region.

Restraints

Infrastructure Challenges                              

Despite burgeoning innovation, the Middle East and Africa insurtech market grapple with infrastructural hurdles. Inadequate digital infrastructure, limited access to high-speed internet, and varying technological adoption rates pose significant challenges. The region’s diverse regulatory frameworks further compound these issues, inhibiting seamless integration and scalability of insurtech solutions. Bridging these gaps demands substantial investments in technological infrastructure, harmonized regulatory frameworks, and strategic collaborations to enhance connectivity and accessibility. Overcoming these barriers is pivotal to realizing the full potential of insurtech advancements in the Middle East and Africa.

Middle East and Africa Insurtech Market

Segmental Coverage

Middle East and Africa Insurtech Market – By Insurance Type

Based on insurance type, Middle East and Africa insurtech market is divided into Life and Non-Life segments. Both segments undergo distinct technological transformations. The Life segment encompasses insurance related to life, health, and retirement, leveraging technology to streamline policy management and enhance customer experience. The Non-Life segment, covering property, casualty, and other non-life policies, experiences technological advancements aimed at risk assessment, claims processing, and overall operational efficiency. This segmentation not only reflects the market's breadth but also underscores the diverse technological applications tailored to the specific needs of life and non-life insurance sectors in the region.

Middle East and Africa Insurtech Market – By Service

By service, Middle East and Africa insurtech market is divided into Consulting and Support & Maintenance segments. These segments encompass various facets of technological advancement within the insurance sector. The Consulting segment emphasizes advisory services, offering strategic insights and guidance for technological implementation, while the Support & Maintenance segment concentrates on the continual upkeep and enhancement of existing systems. This division reflects the comprehensive nature of the insurtech landscape, addressing both strategic guidance and the essential maintenance required for sustained technological growth within the insurance industry in the region.

Middle East and Africa Insurtech Market – By Technology

Based on technology, Middle East and Africa insurtech market is divided into Cloud Computing, IoT, and Machine Learning segments. The IoT (Internet of Things) segment is the largest in the Middle East and Africa insurtech market. While Cloud Computing and Machine Learning are significant, IoT stands out due to its pervasive role in transforming insurance operations. IoT's ability to collect real-time data from connected devices enhances risk assessment, underwriting, and claims management, driving efficiency and personalized offerings. Its impact on telematics, smart sensors, and wearables reshapes the industry, fostering innovative products and services. As insurers increasingly leverage IoT technology, it remains the most significant segment within the Middle East and Africa insurtech market, catalyzing substantial advancements and growth.

Middle East and Africa Insurtech Market – By End Use

Based on end use, Middle East and Africa insurtech market is divided into Automotive, BFSI, Healthcare, and Government segments. The Banking, Financial Services, and Insurance (BFSI) is the largest end-use segment in the Middle East and Africa insurtech market. This segment boasts substantial growth within the insurtech landscape, driven by the integration of advanced technologies in insurance processes, including artificial intelligence, blockchain, and data analytics. The BFSI segment’s expansion signifies a robust adoption of insurtech solutions, enhancing operational efficiency, risk management, and customer experiences within the financial and insurance domains across the Middle East and Africa.

Middle East and Africa Insurtech Market – By Country

Geographically, Middle East and Africa insurtech market is divided into Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, and Rest of MEA. The Middle East and Africa's insurtech market is dominated by South Africa. Renowned for its dynamic tech landscape and robust insurance sector, South Africa stands as a pivotal player in insurtech advancements. While Saudi Arabia, UAE, Qatar, Kuwait, Nigeria, Algeria, and other MEA regions contribute significantly, South Africa's innovative initiatives, market maturity, and technological integration position it as the primary contributor to the insurtech market within the Middle East and Africa, spearheading advancements and setting a benchmark for the industry's growth and development.

Competitive Landscape

Major players in the Middle East and Africa insurtech market include ERGO Sigorta, Harel Insurance Investments & Finance Services, Bayzat, Aqeed, Yallacompare, Migdal Holdings, Old Mutual, Liberty Holdings, Clal Insurance Enterprises Holdings Ltd, Momentum Metropolitan Life Assurers, and Emirates Retakaful Limited. To enhance their market share and expand their reach, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

Attributes	Details
Years Considered	Historical Data – 2019–2022
	Base Year – 2022
	Estimated Year – 2023
	Forecast Period – 2023–2029
Facts Covered	Revenue in USD Billion
Market Coverage	Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, Rest of MEA
Product/Service Segmentation	Insurance Type, Service, Technology, End Use, Country
Key Players	ERGO Sigorta, Harel Insurance Investments & Finance Services, Bayzat, Aqeed, Yallacompare, Migdal Holdings, Old Mutual, Liberty Holdings, Clal Insurance Enterprises Holdings Ltd., Momentum Metropolitan Life Assurers, Emirates Retakaful Limited

 

 

By Insurance Type

• Life

• Non-Life

By Service

• Consulting

• Support & Maintenance

By Technology

• Cloud Computing

• IoT

• Machine Learning

By End Use

• Automotive

• BFSI

• Healthcare

• Government

By Country

• Saudi Arabia

• UAE

• Qatar

• Kuwait

• South Africa

• Nigeria

• Algeria

• Rest of MEA

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Middle East and Africa Insurtech Market Insights
   1. End Use Value Chain Analysis
      1. DROC Analysis
      2. Growth Drivers
         1. Digital transformation
         2. Regulatory support
         3. Growing insurance awareness
      3. Restraints
         1. Infrastructure challenges
         2. Regulatory hurdles
      4. Opportunities
         1. Untapped markets
         2. Customization
      5. Challenges
         1. Trust and data security
         2. Competition
   2. Technological Advancements/Recent Developments
   3. Regulatory Framework
   4. 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 Insurtech Market Overview
   1. Market Product & Forecast, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Insurance Type
         1. Life
         2. Non-Life
      2. By Service
         1. Consulting
         2. Support & Maintenance
         3. Others
      3. By Technology
         1. Cloud Computing
         2. IoT
         3. Machine Learning
         4. Others
      4. By End Use
         1. Automotive
         2. BFSI
         3. Healthcare
         4. Government
         5. Others
      5. By Country
         1. Saudi Arabia
         2. UAE
         3. Qatar
         4. Kuwait
         5. South Africa
         6. Nigeria
         7. Algeria
         8. Rest of MEA
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Middle East and Africa Insurtech Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of COVID-19 on Middle East and Africa Insurtech Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. ERGO Sigorta
   2. Harel Insurance Investments & Finance Services
   3. Bayzat
   4. Aqeed
   5. Yallacompare
   6. Migdal Holdings
   7. Old Mutual
   8. Liberty Holdings
   9. Clal Insurance Enterprises Holdings Ltd
   10. Momentum Metropolitan Life Assurers
   11. Emirates Retakaful Limited
   12. Other Prominent Players
8. Key Strategic Recommendations
9. 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 Country
   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 Insurtech Segmentation

Figure 2       Middle East and Africa Insurtech Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

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

Figure 5       Middle East and Africa Insurtech Market Share, By Insurance Type, By Value, 2019–2029

Figure 6       Middle East and Africa Insurtech Market Share, By Service, By Value, 2019–2029

Figure 7       Middle East and Africa Insurtech Market Share, By Technology, By Value, 2019–2029

Figure 8       Middle East and Africa Insurtech Market Share, By End Use, By Value, 2019–2029

Figure 9       Middle East and Africa Insurtech Market Share, By Country, By Value, 2019–2029

 

List of Tables

 

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

Table 2        Middle East and Africa Insurtech Market Size, By Insurance Type, By Value, 2019–2029

Table 3        Middle East and Africa Insurtech Market Size, By Service, By Value, 2019–2029

Table 4        Middle East and Africa Insurtech Market Size, By Technology, By Value, 2019–2029

Table 5        Middle East and Africa Insurtech Market Size, By End Use, By Value, 2019–2029

Table 6        Middle East and Africa Insurtech Market Size, By Country, By Value, 2019–2029

Table 7        ERGO Sigorta Company Overview

Table 8        ERGO Sigorta Financial Overview

Table 9        Harel Insurance Investments & Finance Services Company Overview

Table 10      Harel Insurance Investments & Finance Services Financial Overview

Table 11      Bayzat Company Overview

Table 12      Bayzat Financial Overview

Table 13      Aqeed Company Overview

Table 14      Aqeed Financial Overview

Table 15      Yallacompare Company Overview

Table 16      Yallacompare Financial Overview

Table 17      Migdal Holdings Company Overview

Table 18      Migdal Holdings Financial Overview

Table 19      Old Mutual Company Overview

Table 20      Old Mutual Financial Overview

Table 21      Liberty Holdings Company Overview

Table 22      Liberty Holdings Financial Overview

Table 23      Clal Insurance Enterprises Holdings Ltd Company Overview

Table 24      Clal Insurance Enterprises Holdings Ltd Financial Overview

Table 25      Momentum Metropolitan Life Assurers Company Overview

Table 26      Momentum Metropolitan Life Assurers Financial Overview

Table 27      Emirates Retakaful Limited Company Overview

Table 28      Emirates Retakaful Limited Financial Overview