Middle East And Africa Property Insurance Market

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Middle East and Africa Property Insurance Market, By Coverage (Fire & Theft, House Damage, Floods & Earthquake, Personal Property); By Application (Personal, Enterprise); By End User (Landlords, Homeowners, Renters); By Country (Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, Rest of MEA), Trend Analysis, Competitive Landscape & Forecast, 2019–2030

Published Date: February 2024
Report ID: BWC24130
Available Format: PDF
Page: 200

Report Overview

Economic fluctuations, geopolitical uncertainties, increased urbanization, rising property values, and growing awareness about the importance of property insurance are key driving factors propelling the Middle East and Africa Property Insurance Market during the forecast period between 2024 and 2030.

Middle East and Africa Property Insurance Market – Industry Trends & Forecast Report, 2030

Middle East and Africa Property Insurance Market size was estimated at USD 13.23 billion in 2023. During the forecast period between 2024 and 2029, the size of Middle East and Africa Property Insurance Market is projected to grow at a CAGR of 3.58% reaching a value of USD 16.34 billion by 2030. The Middle East and Africa Property Insurance Market is propelled by the escalating demand for property insurance, driven by increased digital transformation in industries. The deeper penetration of the internet and mobile devices further fuels market expansion. Moreover, the growing financial requirements of businesses and individuals for property insurance contribute significantly to the market's positive trajectory. The confluence of these factors underscores the region's burgeoning property insurance sector, reflecting a dynamic landscape shaped by technological advancements and evolving financial needs.

Middle East and Africa Property Insurance Market

Property Insurance – Overview

Property insurance is a financial protection mechanism that safeguards individuals and businesses against financial losses arising from damage or loss of physical assets, such as homes, buildings, or personal belongings. Typically, policies cover perils like fire, theft, and natural disasters, compensating policyholders for repair or replacement costs. Premiums are based on factors like property value, location, and risk assessment. Property insurance plays a crucial role in mitigating the financial impact of unexpected events, offering peace of mind and stability to policyholders in the face of unforeseen damages to their valuable assets.

Middle East and Africa Property Insurance Market

Middle East and Africa Property Insurance Market

Growth Drivers

Digital Transformation

The Middle East and Africa property insurance sector experience a transformative wave with the widespread adoption of cloud computing solutions, reshaping the landscape for digital banking, financial services, and insurance (BFSI) sector. As businesses in diverse industries actively shift online in response to the pandemic, property insurance companies are leveraging digital transformation to future-proof their operations. Cloud solutions enhance operational efficiency and also lay the groundwork for increased customer value and revenue. The growing reliance on digital technologies for data storage and applied analytics positions the industry for robust growth, making the digital revolution a key driver in the property insurance market's expansion.

Global Connectivity

The ubiquity of internet access and the proliferation of mobile devices worldwide are propelling the Middle East and Africa Property Insurance Market into a phase of rapid expansion. In the twenty-first century, the increased use of smartphones, tablets, and advanced internet technologies has catalyzed the adoption of digital solutions. Insurance providers and financial institutions are capitalizing on cloud-oriented software to streamline operations, ensuring real-time transaction updates and remote data access. From platform hosting to marketing campaigns, the cloud offers diverse avenues for insurers to enhance their business capabilities. As internet and mobile device penetration continue to deepen globally, the Property Insurance Market in Middle East and Africa expects sustained growth over the forecast period.

Challenges

Low Awareness about Property Insurance

The Middle East and Africa Property Insurance Market grapple with low insurance penetration, posing a challenge for industry growth. The region must explore innovative strategies to increase awareness, enhance accessibility, and build trust in insurance products. Stakeholders should collaborate to develop tailored solutions, leverage technology, and engage in targeted educational campaigns to bridge the gap and elevate insurance participation in the region's property market.

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

The property insurance industry experienced continuous investments for its development and became a massive contributor to economic growth. However, the industry was moderately affected by the outbreak of the COVID-19 pandemic, leading to economic instability. It was observed that increased uncertainty concerning income and employment influenced individuals to postpone new house purchases. According to several studies, 80% of households delayed their decision to buy a home because mortgage lenders required homeowner insurance, which was an expense for homebuyers when buying a house. However, due to financial instability or liquidity crunch during the crisis, the demand for home insurance was moderately reduced. During the COVID-19 pandemic, everyone started staying at home, so insurance companies expected an increase in insurance claims. Therefore, COVID-19 brought an opportunity for home insurers to expand their business by offering flexible payment plans to support consumers through the pandemic.

Middle East and Africa Property Insurance Market.

Segmental Coverage

Middle East and Africa Property Insurance Market – By Coverage

Based on coverage, Middle East and Africa Property Insurance Market is divided into Fire & Theft, House Damage, Floods & Earthquake, and Personal Property segments. The house damage insurance segment dominates the market, reflecting the significant focus on protecting residential and commercial properties from various risks. The segment encompasses coverage for damages caused by fire, theft, and other specified perils, addressing the diverse challenges faced in the region. House damage insurance plays a pivotal role in mitigating financial losses associated with property damage, making it a key component in the overall property insurance landscape in Middle East and Africa.

Middle East and Africa Property Insurance Market Share

Middle East and Africa Property Insurance Market – By Application

Based on application, Middle East and Africa Property Insurance Market is divided into Personal and Enterprise segments. The enterprise segment emerges as a leading application, showcasing robust growth and a significant market share. The segment caters to the insurance needs of businesses, industries, and commercial properties, reflecting a growing demand for comprehensive coverage in the region. The enterprise segment's prominence underscores the importance of property insurance in safeguarding businesses against various risks, driving the overall expansion of the Middle East and Africa property insurance market.

Middle East and Africa Property Insurance Market – By End User

By end user, Middle East and Africa Property Insurance Market is divided into Landlords, Homeowners, and Renters segments. The homeowners segment is the largest end user in the Middle East and Africa Property Insurance Market. The segment encompasses individuals who own residential properties, indicating a significant portion of the market is driven by the insurance needs of homeowners in the region. As property ownership continues to be a substantial aspect of the market, insurers focus on tailoring their offerings to address the unique risks and requirements associated with safeguarding homes in the Middle East and Africa.

Middle East and Africa Property Insurance Market Size

Middle East and Africa Property Insurance Market – By Country

By country, Middle East and Africa Property Insurance Market is divided into Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, and Rest of MEA. Saudi Arabia accounts for the largest market share. The dominance of the Kingdom can be attributed to economic development, infrastructure projects, and growing awareness about the importance of property insurance in mitigating risks. The market's expansion in Saudi Arabia underscores its pivotal role in shaping the overall landscape of property insurance in the region.

Competitive Landscape

Major players in the Middle East and Africa Property Insurance Market include Oman Insurance Company, AXA Gulf, RSA Insurance, Qatar Insurance Company, SANAD Cooperative Insurance and Reinsurance Company, Abu Dhabi National Insurance Company (ADNIC), and Alliance Insurance. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of Report

Attributes	Details
Years Considered	Historical Data – 2019–2023
	Base Year – 2023
	Estimated Year – 2024
	Forecast Period – 2024–2030
Facts Covered	Revenue in USD Billion
Market Coverage	Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, Rest of MEA
Product/Service Segmentation	Coverage, Application, End User, Country
Key Players	Oman Insurance Company, AXA Gulf, RSA Insurance, Qatar Insurance Company, SANAD Cooperative Insurance and Reinsurance Company, Abu Dhabi National Insurance Company (ADNIC), Alliance Insuranc

By Coverage

Fire & Theft
House Damage
Floods & Earthquake
Personal Property

By Application

Personal
Enterprise

By End User

Landlords
Homeowners
Renters

By Country

Saudi Arabia
UAE
Qatar
Kuwait
South Africa
Nigeria
Algeria
Rest of MEA

Research Framework
1. Research Objective
2. Product Overview
3. Market Segmentation
Executive Summary
Middle East and Africa Property Insurance Market Insights
1. Industry Value Chain Analysis
2. DROC Analysis
  1. Growth Drivers
    1. Rising property values
    2. Increased awareness of risk
    3. Growing middle class
  2. Restraints
    1. Low insurance penetration
    2. High premiums and affordability concerns
  3. Opportunities
    1. Product diversification and customization
    2. Digital marketing and distribution channels
  4. Challenges
    1. Fraudulent claims and risk management
    2. Competition from Informal Risk Mitigation Strategies
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
Middle East and Africa Property Insurance Market Overview
1. Market Size & Forecast, 2019–2030
  1. By Value (USD Billion)
2. Market Share and Forecast
  1. By Coverage
    1. Fire & Theft
    2. House Damage
    3. Floods & Earthquake
    4. Personal Property
    5. Others
  2. By Application
    1. Personal
    2. Enterprise
  3. By End User
    1. Landlords
    2. Homeowners
    3. Renters
    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
Saudi Arabia Property Insurance Market
1. Market Size & Forecast, 2019–2030
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Coverage
  2. By Application
  3. By End User
UAE Property Insurance Market
1. Market Size & Forecast, 2019–2030
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Coverage
  2. By Application
  3. By End User
Qatar Property Insurance Market
1. Market Size & Forecast, 2019–2030
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Coverage
  2. By Application
  3. By End User
Kuwait Property Insurance Market
1. Market Size & Forecast, 2019–2030
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Coverage
  2. By Application
  3. By End User
South Africa Property Insurance Market
1. Market Size & Forecast, 2019–2030
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Coverage
  2. By Application
  3. By End User
Nigeria Property Insurance Market
1. Market Size & Forecast, 2019–2030
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Coverage
  2. By Application
  3. By End User
Algeria Property Insurance Market
1. Market Size & Forecast, 2019–2030
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Coverage
  2. By Application
  3. By End User
Rest of MEA Property Insurance Market
1. Market Size & Forecast, 2019–2030
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Coverage
  2. By Application
  3. By End User
Competitive Landscape
1. List of Key Players and Their Offerings
2. Middle East and Africa Property Insurance Market Share Analysis, 2023
3. Competitive Benchmarking, By Operating Parameters
4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
Impact of Covid-19 on Middle East and Africa Property Insurance Market
Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
1. Oman Insurance Company
2. AXA Gulf
3. RSA Insurance
4. Qatar Insurance Company
5. SANAD Cooperative Insurance and Reinsurance Company
6. Abu Dhabi National Insurance Company (ADNIC)
7. Alliance Insurance
8. Other Prominent Players
Key Strategic Recommendations
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 Property Insurance Market Segmentation

Figure 2 Middle East and Africa Property Insurance Market Value Chain Analysis

Figure 3 Company Market Share Analysis, 2023

Figure 4 Middle East and Africa Property Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 5 Middle East and Africa Property Insurance Market Share, By Coverage, By Value, 2019–2030

Figure 6 Middle East and Africa Property Insurance Market Share, By Application, By Value, 2019–2030

Figure 7 Middle East and Africa Property Insurance Market Share, By End User, By Value, 2019–2030

Figure 8 Middle East and Africa Property Insurance Market Share, By Country, By Value, 2019–2030

Figure 9 Saudi Arabia Property Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 10 Saudi Arabia Property Insurance Market Share, By Coverage, By Value, 2019–2030

Figure 11 Saudi Arabia Property Insurance Market Share, By Application, By Value, 2019–2030

Figure 12 Saudi Arabia Property Insurance Market Share, By End User, By Value, 2019–2030

Figure 13 UAE Property Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 14 UAE Property Insurance Market Share, By Coverage, By Value, 2019–2030

Figure 15 UAE Property Insurance Market Share, By Application, By Value, 2019–2030

Figure 16 UAE Property Insurance Market Share, By End User, By Value, 2019–2030

Figure 17 Qatar Property Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 18 Qatar Property Insurance Market Share, By Coverage, By Value, 2019–2030

Figure 19 Qatar Property Insurance Market Share, By Application, By Value, 2019–2030

Figure 20 Qatar Property Insurance Market Share, By End User, By Value, 2019–2030

Figure 21 Kuwait Property Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 22 Kuwait Property Insurance Market Share, By Coverage, By Value, 2019–2030

Figure 23 Kuwait Property Insurance Market Share, By Application, By Value, 2019–2030

Figure 24 Kuwait Property Insurance Market Share, By End User, By Value, 2019–2030

Figure 25 South Africa Property Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 26 South Africa Property Insurance Market Share, By Coverage, By Value, 2019–2030

Figure 27 South Africa Property Insurance Market Share, By Application, By Value, 2019–2030

Figure 28 South Africa Property Insurance Market Share, By End User, By Value, 2019–2030

Figure 29 Nigeria Property Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 30 Nigeria Property Insurance Market Share, By Coverage, By Value, 2019–2030

Figure 31 Nigeria Property Insurance Market Share, By Application, By Value, 2019–2030

Figure 32 Nigeria Property Insurance Market Share, By End User, By Value, 2019–2030

Figure 33 Algeria Property Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 34 Algeria Property Insurance Market Share, By Coverage, By Value, 2019–2030

Figure 35 Algeria Property Insurance Market Share, By Application, By Value, 2019–2030

Figure 36 Algeria Property Insurance Market Share, By End User, By Value, 2019–2030

Figure 37 Rest of MEA Property Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 38 Rest of MEA Property Insurance Market Share, By Coverage, By Value, 2019–2030

Figure 39 Rest of MEA Property Insurance Market Share, By Application, By Value, 2019–2030

Figure 40 Rest of MEA Property Insurance Market Share, By End User, By Value, 2019–2030

List of Tables

Table 1 Middle East and Africa Property Insurance Market Share, By Coverage, By Value, 2019–2030

Table 2 Middle East and Africa Property Insurance Market Share, By Application, By Value, 2019–2030

Table 3 Middle East and Africa Property Insurance Market Share, By End User, By Value, 2019–2030

Table 4 Middle East and Africa Property Insurance Market Share, By Country, By Value, 2019–2030

Table 5 Saudi Arabia Property Insurance Market Share, By Coverage, By Value, 2019–2030

Table 6 Saudi Arabia Property Insurance Market Share, By Application, By Value, 2019–2030

Table 7 Saudi Arabia Property Insurance Market Share, By End User, By Value, 2019–2030

Table 8 UAE Property Insurance Market Share, By Coverage, By Value, 2019–2030

Table 9 UAE Property Insurance Market Share, By Application, By Value, 2019–2030

Table 10 UAE Property Insurance Market Share, By End User, By Value, 2019–2030

Table 11 Qatar Property Insurance Market Share, By Coverage, By Value, 2019–2030

Table 12 Qatar Property Insurance Market Share, By Application, By Value, 2019–2030

Table 13 Qatar Property Insurance Market Share, By End User, By Value, 2019–2030

Table 14 Kuwait Property Insurance Market Share, By Coverage, By Value, 2019–2030

Table 15 Kuwait Property Insurance Market Share, By Application, By Value, 2019–2030

Table 16 Kuwait Property Insurance Market Share, By End User, By Value, 2019–2030

Table 17 South Africa Property Insurance Market Share, By Coverage, By Value, 2019–2030

Table 18 South Africa Property Insurance Market Share, By Application, By Value, 2019–2030

Table 19 South Africa Property Insurance Market Share, By End User, By Value, 2019–2030

Table 20 Nigeria Property Insurance Market Share, By Coverage, By Value, 2019–2030

Table 21 Nigeria Property Insurance Market Share, By Application, By Value, 2019–2030

Table 22 Nigeria Property Insurance Market Share, By End User, By Value, 2019–2030

Table 23 Algeria Property Insurance Market Share, By Coverage, By Value, 2019–2030

Table 24 Algeria Property Insurance Market Share, By Application, By Value, 2019–2030

Table 25 Algeria Property Insurance Market Share, By End User, By Value, 2019–2030

Table 26 Rest of MEA Property Insurance Market Share, By Coverage, By Value, 2019–2030

Table 27 Rest of MEA Property Insurance Market Share, By Application, By Value, 2019–2030

Table 28 Rest of MEA Property Insurance Market Share, By End User, By Value, 2019–2030

Table 29 Oman Insurance Company Company Overview

Table 30 Oman Insurance Company Financial Overview

Table 31 AXA Gulf Company Overview

Table 32 AXA Gulf Financial Overview

Table 33 RSA Insurance Company Overview

Table 34 RSA Insurance Financial Overview

Table 35 Qatar Insurance Company: Company Overview

Table 36 Qatar Insurance Company Financial Overview

Table 37 SANAD Cooperative Insurance and Reinsurance Company Company Overview

Table 38 SANAD Cooperative Insurance and Reinsurance Company Financial Overview

Table 39 Abu Dhabi National Insurance Company (ADNIC) Company Overview

Table 40 Abu Dhabi National Insurance Company (ADNIC) Financial Overview

Table 41 Alliance Insurance Company Overview

Table 42 Alliance Insurance Financial Overview

Table 43 Other Prominent Players Company Overview

Table 44 Other Prominent Players Financial Overview

Market Segmentation

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Frequently Asked Questions (FAQs):

1. What is the current market size of Middle East and Africa Property Insurance Market?

Ans: Middle East and Africa Property Insurance Market size was estimated at USD 13.23 billion in 2023.

2. What is the expected CAGR of Middle East and Africa Property Insurance Market during the forecast period?

Ans: Middle East and Africa Property Insurance Market size is expected to grow at a CAGR of 3.58% during the forecast period between 2024 and 2030.

3. What is the forecast value of the Middle East and Africa Property Insurance Market size by 2030?

Ans: Middle East and Africa Property Insurance Market size is expected to reach a value of USD 16.34 billion by 2030.

4. What are the major factors driving the growth of Middle East and Africa Property Insurance Market?

Ans: Major factors driving the growth of the Middle East and Africa Property Insurance Market include economic fluctuations, geopolitical uncertainties, increased urbanization, rising property values, and growing awareness of the importance of property insurance.

5. Which country holds the highest market share in the Middle East and Africa Property Insurance Market?

Ans: Saudi Arabia accounts for the highest market share in the Middle East and Africa Property Insurance Market.

6. Which is a leading application segment in the Middle East and Africa Property Insurance Market?

Ans: The enterprise segment accounts for a higher market share in the Middle East and Africa Property Insurance Market by application.

7. Which is the leading coverage segment in Middle East and Africa Property Insurance Market?

Ans: The house damage insurance segment accounts for the highest market share in the Middle East and Africa Property Insurance Market by coverage.

8. Name the key players in Middle East and Africa Property Insurance Market.

Ans: Key players in the Middle East and Africa Property Insurance Market include Oman Insurance Company, AXA Gulf, RSA Insurance, Qatar Insurance Company, SANAD Cooperative Insurance and Reinsurance Company, Abu Dhabi National Insurance Company (ADNIC), and Alliance Insurance.

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Middle East And Africa Property Insurance Market

Report Overview

Market Segmentation

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