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Life & Non-Life Insurance Market in Middle East & Africa - Trends, Industry Competitiveness, Innovations & Disruptions, and Forecasts to 2022

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A traditionally profitable business segment, insurance is necessary to bring stability to firms (property and casualty, D&O, others) and individuals (life insurance, health insurance, others). However, declining bottom lines across the industry imply that a change is in order. What is causing this change?

(i) Technological Disruptions: Data and analytics form the core of the insurance market. However, the forces of innovation and disruption are looking to outperform traditional insurance stakeholders, by closely evaluating the insurance value chain to leverage the customers’ preference for better services, at lower costs.

(ii) Changing Risk Dynamics: Third-party liability claims, fires, automobile accidents and workplace mishaps - all core sources of premiums - are declining year-on-year. This implies that the insurance industry’s premiums are experiencing a downward trend. However, with change, also comes opportunity; rapidly emerging sectors include cyber risk in mature markets, and a slew of non-automotive insurances at nascent stages in emerging economies. Across typical sub-verticals, it is time to integrate overdue, relevant changes to typical products facing lower demand, so as to leverage behavioral changes rather than lose share in these markets. The advent of IoT is also disrupting physical asset management processes, which are connected deeply with non-life insurance sectors.

(iii) Accessing Capital: In the world of capital, cyclical upheavals and downturns are routine. Traditional financial market return rates being low, (re)insurance market appears to attract higher capital , despite the downswing in the global economy

(iv) Geographical Aspects: Mature markets accounted for about 83% of all premiums, as of 2015, while accounting for close to 44% of the global growth in premiums; the rest is accounted for by emerging economies.

 

Scope of the Report

Key Offerings by Mordor Intelligence

Market Size

How much is one of the world's most profitable industry worth, in the current year? How much will it be worth, by 2022? Industry size is segmented by its most profit making sub-verticals (includes: P&C, L&H, automobile, D&O, Catastrophe, cyber risk), with detailed insights provided, geographically and by further sub-market types.

Industry Trends & Market Dynamics

Macroeconomic, microeconomic, and even unanticipated factors, ranked according to the extent of the effects, influencing the insurance market at the global level. These include drivers helping the business ride the wave, barriers that could eventually obstruct, and potential opportunities to take advantage of.

Technological Disruptions

Data and Analytics form an indispensable component of the (re)insurance market. Based on the company’s position in the value chain and the company's vision and mission for the future, Mordor provides the most relevant innovations (operational, technological, disruptive, and others) in the field.

Capital Trends & Metrics

How is capital access changing in (re)insurance segments, across regions and industry sub-verticals? What are the influencing factors in this exchange of capital? How can these insights be integrated to contribute to the short-term goals?

Competition Profiling

This is the most comprehensive segment of the report, enlisting competition across pertinent points in the value chain.

An analysis of the competition for companies, segmented by their position in the market is provided. The coverage includes re-insurers, alternative capital sources, traditional insurance companies (listed exhaustively by sub-segments), and startups leveraging technologies and innovations. This section of the report facilitates sound and unbiased overview of the respective companies' strategies, in detail and throws light on how and why companies are adapting to the opportunities and challenges they foresee in the future while also competing in the existing structural environment of the insurance products and services marketplace.

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