Middle East and Africa Insurtech Market Size Zooming 7X at Robust CAGR of 38.78% to Touch USD 1.6 Billion by 2029

Published | 06 December 2023

Middle East and Africa insurtech market is flourishing due to the increasing adoption of digital technologies, rising awareness of insurance products, regulatory support for innovation, and a growing young population.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Middle East and Africa insurtech market size at USD 231.32 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Middle East and Africa insurtech market size to grow at a robust CAGR of 38.78% reaching a value of USD 1,652.56 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 cutting-edge 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.

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

The COVID-19 pandemic significantly impacted the Middle East and Africa insurtech market, prompting a shift towards digital solutions for insurance services. The crisis accelerated the adoption of technology for remote customer engagement, claims processing, and risk assessment. Insurtech companies in the region experienced increased demand for contactless services, driving innovation in AI-driven underwriting, digital health solutions, and flexible coverage options. However, economic uncertainties and regulatory challenges posed hurdles. Overall, the pandemic catalyzed a digital transformation within the industry, emphasizing the importance of tech-driven, agile solutions in a post-pandemic landscape.

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.

Competitive Landscape

Middle East and Africa insurtech market is fiercely competitive. Major companies in the 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. 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 the Middle East and Africa insurtech market.

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

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