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Middle East And Africa Travel Insurance Market

Middle East And Africa Travel Insurance Market

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.

Impact of Escalating Geopolitical Tensions on Middle East and Africa Travel Insurance Market

Escalating geopolitical tensions in the Middle East and Africa have significantly impacted the travel insurance market, fostering increased uncertainty and risk. Heightened regional instability has led to a surge in demand for comprehensive coverage, prompting insurers to reassess policies and premiums. Israel-Hamas and Russia-Ukraine wars, pivotal geopolitical events, further intensified market dynamics by influencing risk perceptions and travel patterns. Insurers have responded by adjusting policies to address emerging threats and geopolitical hotspots, leading to a complex landscape for travelers. As geopolitical tensions persist, the Middle East and Africa travel insurance market faces ongoing challenges, requiring continuous adaptation to geopolitical developments for effective risk management and customer protection.

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

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. 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
  4. 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
  5. 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
  6. 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
  7. 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
  8. 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
  9. 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
  10. 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
  11. 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
  12. 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
  13. 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.)
  14. Impact of Escalating Geopolitical Tensions on Middle East and Africa Travel Insurance Market
  15. 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
  16. Key Strategic Recommendations
  17. 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):

Ans: Middle East and Africa Travel Insurance Market size was estimated at USD 724.2 million in 2022.
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.
Ans: Middle East and Africa Travel Insurance Market size is expected to reach a market value of USD 3,466.8 million by 2029.
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.
Ans: The family travelers segment holds the highest market share in the Middle East and Africa Travel Insurance Market by end user.
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.
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.