Middle East and Africa Insurance Market

Middle East and Africa Insurance Market Size Expands at Significant CAGR of 7.17% to Reach USD 386.4 Billion by 2029

Published | 31 October 2023

Middle East and Africa insurance market is flourishing due to growing middle class population and awareness about risk management, regulatory reforms, economic development, an increasing need for insurance products to cover diverse risks, and expanding distribution channels.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Middle East and Africa insurance market size at USD 255.02 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Middle East and Africa insurance market size to grow at a CAGR of 7.17% reaching a value of USD 386.39 billion by 2029. Middle East and Africa insurance market growth is primarily driven by a rising awareness about the importance of insurance, 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. The growing adoption of technological advancements is 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.

Insurance – 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 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.

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Impact of Prolonging Hamas-Israel War on Middle East and Africa Insurance Market

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 the 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 industry, necessitating adaptability, and innovation in the market.

Middle East and Africa Insurance Market – By Product Type

By product type, 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. This 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.

Competitive Landscape

Middle East and Africa Insurance market is fiercely competitive. Major companies in the 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. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Middle East and Africa Insurance market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Middle East and Africa Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Middle East and Africa Insurance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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