Middle East And Africa Travel Insurance Market

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Middle East and Africa Travel Insurance Market, By Insurance Cover (Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, Long-Stay Travel Insurance); By Distribution Channel (Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, Insurance Aggregators); By End User (Senior Citizens, Education Travelers, Business Travelers, Family Travelers); By Country (Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, Rest of MEA), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

Published Date: December 2023
Report ID: BWC231041
Available Format: PDF
Page: 200

Report Overview

Rising awareness about obtaining insurance coverage for travel-related risks, thriving international tourism, governments’ initiatives promoting insurance coverage, a growing middle-class population, the rising frequency of travel are expected to fuel the growth of the Middle East and Africa Travel Insurance Market during the forecast period between 2023 and 2029.

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

Middle East and Africa Travel Insurance Market size was estimated at USD 724.2 million in 2022. During the forecast period between 2023 and 2029, the size of Middle East and Africa Travel Insurance Market is projected to grow at a CAGR of 25.10% reaching a value of USD 3,466.8 million by 2029. The Middle East and Africa Travel Insurance Market is primarily propelled by the region's expanding tourism industry, rising awareness of travel-related risks, and the increasing emphasis on health and safety. Growing disposable incomes, a surge in international travel, and the prevalence of diverse travel destinations contribute to the demand for travel insurance. Also, regulatory mandates, evolving consumer preferences, and geopolitical tensions, like the Russia-Ukraine and Israel-Hamas wars, can influence market dynamics by impacting travel patterns and risk perceptions. The rise in adventure tourism and the integration of digital platforms for convenient policy purchase further stimulate the Middle East and Africa's travel insurance market growth.

Middle East and Africa Travel Insurance Market

Travel Insurance – Overview

Travel insurance is a financial safeguard that protects travelers against unexpected expenses arising during their trips. It typically covers medical emergencies, trip cancellations, lost baggage, and other unforeseen events. Policies vary, offering different levels of coverage based on factors like trip duration and destination. Travelers pay a premium for this coverage, ensuring financial reimbursement for covered incidents. It provides peace of mind and assistance when navigating unforeseen challenges, making it an essential consideration for anyone embarking on domestic or international travel.

Midle East and Africa Travel Insurance Market

Growth Drivers

Increasing Number of Travelers

The Middle East and Africa Travel Insurance Market experiences rapid growth due to increasing travel, as the region witnesses a surge in tourism and business travel. The growing awareness of the importance of travel insurance, coupled with a rise in disposable income and a flourishing travel industry, propels the demand for comprehensive coverage. As more individuals explore diverse destinations within the Middle East and Africa, the need for protection against unforeseen events such as medical emergencies, trip cancellations, and baggage losses becomes paramount, driving a robust expansion in the travel insurance market across the region.

Restraints

Volatile Economic Conditions

Economic uncertainties in Middle East and Africa pose a significant challenge to the growth of the travel insurance market. Fluctuating currencies, escalating and spreading geopolitical tensions, and unpredictable economic policies create an environment of uncertainty for both insurers and consumers. The instability hampers long-term planning and investments, making it difficult for insurance providers to offer competitive and sustainable coverage. Travel insurance companies face the daunting task of navigating through the economic complexities of the Middle East and Africa, requiring strategic adaptability and risk management to thrive in an ever-changing financial landscape.

Middle East and Africa Travel Insurance Market

Segmental Coverage

Middle East and Africa Travel Insurance Market – By Insurance Cover

Based on insurance cover, Middle East and Africa Travel Insurance Market is divided into Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance, and Long-Stay Travel Insurance segments. The annual multi-trip travel insurance segment stands out as the largest. This indicates a significant demand for insurance products catering to frequent travelers within the region. The appeal of comprehensive coverage over multiple trips appears to be a prominent factor influencing consumer choices in the Middle East and Africa Travel Insurance Market, reflecting the evolving needs of the travel insurance landscape in this region.

Middle East and Africa Travel Insurance Market Share

Middle East and Africa Travel Insurance Market – By Distribution Channel

Based on distribution channel, Middle East and Africa Travel Insurance Market is divided into Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators segments. Insurance Intermediaries play a pivotal role in facilitating travel insurance transactions. These intermediaries act as liaisons between travelers and insurance providers, offering a range of policies to meet diverse needs. Their intermediary status positions them at the forefront of the market, connecting consumers with suitable travel insurance products. This segment's significance underscores the importance of intermediaries in the distribution and accessibility of travel insurance across the Middle East and Africa region.

Middle East and Africa Travel Insurance Market – By End User

By end user, Middle East and Africa Travel Insurance Market is divided into Senior Citizens, Education Travelers, Business Travelers, and Family Travelers segments. The family travelers segment is the largest in the Middle East and Africa Travel Insurance Market. The category encompasses individuals traveling with their families, highlighting the significance of catering to the insurance needs of families exploring the Middle East and Africa. The demand for travel insurance within this segment likely stems from the diverse coverage requirements associated with family travel, emphasizing the importance of comprehensive policies to address the varied needs and ensure a secure and enjoyable travel experience for families in the region.

Middle East and Africa Travel Insurance Market – By Country

Geographically, Middle East and Africa Travel Insurance Market is divided into Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, and the Rest of MEA. The Gulf countries Saudi Arabia, UAE, Qatar, and Kuwait are major contributors to the market, driven by increased travel activities and a growing awareness of the importance of travel insurance. The Middle East reflects the region's economic strength and high tourism potential. The market in South Africa, Nigeria, Algeria, and the Rest of MEA also plays a significant role, capturing diverse travel trends across Africa. However, the primary focus and largest segment lie within the Gulf countries, indicative of their pivotal role in the regional travel insurance landscape.

Competitive Landscape

Major players in the Middle East and Africa Travel Insurance Market include Allianz Insurance, Chubb, AIG, Oman Insurance Company, RSA Insurance, Union Insurance Company, Tawuniya Insurance Company, Qatar Insurance Company, Doha Insurance Company, KIB Takaful Insurance Company, Salama Insurance Company, Noor Takaful, Al-Rajhi Takaful, and AXA Gulf. 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 Cover, Distribution Channel, End User, Country
Key Players	Allianz Insurance, Chubb, AIG, Oman Insurance Company, RSA Insurance, Union Insurance Company, Tawuniya Insurance Company, Qatar Insurance Company, Doha Insurance Company, KIB Takaful Insurance Company, Salama Insurance Company, Noor Takaful, Al-Rajhi Takaful, AXA Gulf

By Insurance Cover

Single-Trip Travel Insurance
Annual Multi-Trip Travel Insurance
Long-Stay Travel Insurance

By Distribution Channel

Insurance Intermediaries
Insurance Companies
Banks
Insurance Brokers
Insurance Aggregators

By End User

Senior Citizens
Education Travelers
Business Travelers
Family Travelers

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 Travel Insurance Market Insights
1. Industry Value Chain Analysis
2. DROC Analysis
  1. Growth Drivers
    1. Increasing travel
    2. Growing awareness of travel insurance
  2. Restraints
    1. Low insurance penetration
    2. Economic instability
    3. Security concerns
  3. Opportunities
    1. Digitalization
    2. Untapped markets
    3. Rising middle class
  4. Challenges
    1. Climate change
    2. Economic slowdown
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 Travel Insurance Market Overview
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share and Forecast
  1. By Insurance Cover
    1. Single-Trip Travel Insurance
    2. Annual Multi-Trip Travel Insurance
    3. Long-Stay Travel Insurance
  2. By Distribution Channel
    1. Insurance Intermediaries
    2. Insurance Companies
    3. Banks
    4. Insurance Brokers
    5. Insurance Aggregators
  3. By End User
    1. Senior Citizens
    2. Education Travelers
    3. Business Travelers
    4. Family Travelers
    5. 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 Travel Insurance Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Insurance Cover
  2. By Distribution Channel
  3. By End User
UAE Travel Insurance Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Insurance Cover
  2. By Distribution Channel
  3. By End User
Qatar Travel Insurance Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Insurance Cover
  2. By Distribution Channel
  3. By End User
Kuwait Travel Insurance Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Insurance Cover
  2. By Distribution Channel
  3. By End User
South Africa Travel Insurance Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Insurance Cover
  2. By Distribution Channel
  3. By End User
Nigeria Travel Insurance Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Insurance Cover
  2. By Distribution Channel
  3. By End User
Algeria Travel Insurance Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Insurance Cover
  2. By Distribution Channel
  3. By End User
Rest of MEA Travel Insurance Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Insurance Cover
  2. By Distribution Channel
  3. By End User
Competitive Landscape
1. List of Key Players and Their Offerings
2. Middle East and Africa Travel Insurance Market Share Analysis, 2022
3. Competitive Benchmarking, By Operating Parameters
4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
Impact of Escalating Geopolitical Tensions on Middle East and Africa Travel Insurance Market
Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
1. Allianz Insurance
2. Chubb
3. AIG
4. Oman Insurance Company
5. RSA Insurance
6. Union Insurance Company
7. Tawuniya Insurance Company
8. Qatar Insurance Company
9. Doha Insurance Company
10. KIB Takaful Insurance Company
11. Salama Insurance Company
12. Noor Takaful
13. Al-Rajhi Takaful
14. AXA Gulf
15. 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 Travel Insurance Market Segmentation

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

Figure 3 Company Market Share Analysis, 2022

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

Figure 5 Middle East and Africa Travel Insurance Market Share, By Insurance Cover, By Value, 2019–2029

Figure 6 Middle East and Africa Travel Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 7 Middle East and Africa Travel Insurance Market Share, By End User, By Value, 2019–2029

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

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

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

Figure 11 Saudi Arabia Travel Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 12 Saudi Arabia Travel Insurance Market Share, By End User, By Value, 2019–2029

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

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

Figure 15 UAE Travel Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 16 UAE Travel Insurance Market Share, By End User, By Value, 2019–2029

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

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

Figure 19 Qatar Travel Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 20 Qatar Travel Insurance Market Share, By End User, By Value, 2019–2029

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

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

Figure 23 Kuwait Travel Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 24 Kuwait Travel Insurance Market Share, By End User, By Value, 2019–2029

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

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

Figure 27 South Africa Travel Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 28 South Africa Travel Insurance Market Share, By End User, By Value, 2019–2029

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

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

Figure 31 Nigeria Travel Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 32 Nigeria Travel Insurance Market Share, By End User, By Value, 2019–2029

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

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

Figure 35 Algeria Travel Insurance Market Share, By Distribution Channel, By Value, 2019–2029

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

Figure 37 Rest of Middle East & Africa Travel Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 38 Rest of Middle East & Africa Travel Insurance Market Share, By Insurance Cover, By Value, 2019–2029

Figure 39 Rest of Middle East & Africa Travel Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 40 Rest of Middle East & Africa Travel Insurance Market Share, By End User, By Value, 2019–2029

List of Tables

Table 1 Middle East and Africa Travel Insurance Market Share, By Insurance Cover, By Value, 2019–2029

Table 2 Middle East and Africa Travel Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Table 3 Middle East and Africa Travel Insurance Market Share, By End User, By Value, 2019–2029

Table 4 Middle East and Africa Travel Insurance Market Share, By Country, By Value, 2019–2029

Table 5 Saudi Arabia Travel Insurance Market Share, By Insurance Cover, By Value, 2019–2029

Table 6 Saudi Arabia Travel Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Table 7 Saudi Arabia Travel Insurance Market Share, By End User, By Value, 2019–2029

Table 8 UAE Travel Insurance Market Share, By Insurance Cover, By Value, 2019–2029

Table 9 UAE Travel Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Table 10 UAE Travel Insurance Market Share, By End User, By Value, 2019–2029

Table 11 Qatar Travel Insurance Market Share, By Insurance Cover, By Value, 2019–2029

Table 12 Qatar Travel Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Table 13 Qatar Travel Insurance Market Share, By End User, By Value, 2019–2029

Table 14 Kuwait Travel Insurance Market Share, By Insurance Cover, By Value, 2019–2029

Table 15 Kuwait Travel Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Table 16 Kuwait Travel Insurance Market Share, By End User, By Value, 2019–2029

Table 17 South Africa Travel Insurance Market Share, By Insurance Cover, By Value, 2019–2029

Table 18 South Africa Travel Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Table 19 South Africa Travel Insurance Market Share, By End User, By Value, 2019–2029

Table 20 Nigeria Travel Insurance Market Share, By Insurance Cover, By Value, 2019–2029

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

Table 22 Nigeria Travel Insurance Market Share, By End User, By Value, 2019–2029

Table 23 Algeria Travel Insurance Market Share, By Insurance Cover, By Value, 2019–2029

Table 24 Algeria Travel Insurance Market Share, By Distribution Channel, By Value, 2019–2029

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

Table 26 Rest of Middle East & Africa Travel Insurance Market Share, By Insurance Cover, By Value, 2019–2029

Table 27 Rest of Middle East & Africa Travel Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Table 28 Rest of Middle East & Africa Travel Insurance Market Share, By End User, By Value, 2019–2029

Table 29 Allianz Insurance Company Overview

Table 30 Allianz Insurance Financial Overview

Table 31 Chubb Company Overview

Table 32 Chubb Financial Overview

Table 33 AIG Company Overview

Table 34 AIG Financial Overview

Table 35 Oman Insurance Company: Company Overview

Table 36 Oman Insurance Company Financial Overview

Table 37 RSA Insurance Company Overview

Table 38 RSA Insurance Financial Overview

Table 39 Union Insurance Company: Company Overview

Table 40 Union Insurance Company Financial Overview

Table 41 Tawuniya Insurance Company: Company Overview

Table 42 Tawuniya Insurance Company Financial Overview

Table 43 Qatar Insurance Company: Company Overview

Table 44 Qatar Insurance Company Financial Overview

Table 45 Doha Insurance Company: Company Overview

Table 46 Doha Insurance Company Financial Overview

Table 47 KIB Takaful Insurance Company: Company Overview

Table 48 KIB Takaful Insurance Company Financial Overview

Table 49 Salama Insurance Company: Company Overview

Table 50 Salama Insurance Company Financial Overview

Table 51 Other Prominent Players Company Overview

Table 52 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 Travel Insurance Market?

Ans: Middle East and Africa Travel Insurance Market size was estimated at USD 724.2 million in 2022.

2. What is the expected CAGR of Middle East and Africa Travel Insurance Market?

Ans: Middle East and Africa Travel Insurance Market size is expected to grow at a CAGR of 25.1% during the forecast period between 2023 and 2029.

3. What is the forecast value of the Middle East and Africa Travel Insurance Market by 2029?

Ans: Middle East and Africa Travel Insurance Market size is expected to reach a market value of USD 3,466.8 million by 2029.

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

Ans: Major factors driving the growth of the Middle East and Africa Travel Insurance Market include rising awareness of travel-related risks, increasing international tourism, government initiatives promoting insurance coverage, and a growing middle-class population. Also, the demand is boosted by the rising frequency of travel, emphasizing the need for comprehensive protection in the region.

5. Which is the largest end-user segment in Middle East and Africa Travel Insurance Market?

Ans: The family travelers segment holds the highest market share in the Middle East and Africa Travel Insurance Market by end user.

6. Which is the leading insurance cover segment in Middle East and Africa Travel Insurance Market?

Ans: The annual multi-trip travel insurance segment holds the highest market share in the Middle East and Africa Travel Insurance Market by insurance cover.

7. Name the key players in Middle East and Africa Travel Insurance Market.

Ans: Key players in the Middle East and Africa Travel Insurance Market include Allianz Insurance, Chubb, AIG, Oman Insurance Company, RSA Insurance, Union Insurance Company, Tawuniya Insurance Company, Qatar Insurance Company, Doha Insurance Company, KIB Takaful Insurance Company, Salama Insurance Company, Noor Takaful, Al-Rajhi Takaful, and AXA Gulf.

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