Middle East And Africa Insurtech Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Middle East and Africa Insurtech Market is segmented By Insurance type (Life and Non-Life), By Business Model (Carrier, Enabler, and Distributor) and By Geography (UAE, Saudi Arabia, Egypt, South Africa and Rest of Middle East and Africa)

Market Snapshot

Middle East And Africa Insurtech Market Size
Study Period: 2018-2027
Base Year: 2021
CAGR: >6 %
Middle East And Africa Insurtech Market Key Players

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Market Overview

Impact of COVID-19 made several countries in the region, including the UAE and Saudi Arabia, have put, or are putting, into force a mandatory health insurance regime in which private sector employers must procure health insurance for their employees. Further, many employers in the region provide life insurance as part of remuneration packages for ex-patriate employees. Life and health insurers could see an increase in the number of claims where individuals require medical attention and treatment, and in the event that fatalities occur.

The Middle East and Africa (MEA) region offers a strong potential in insurance and, specifically insurtech. Insurance offerings in the Middle East region are vast, with options for consumer and business spanning property, health, life and non-life insurances, as well as a host of other financial services, including pensions and asset management. Israel is home to over 100 insurtech companies; other countries in the Middle East such as the United Arab Emirates have seen a growth of their own insurtech solutions.

UAE is regarded as a leader in the region for its digital transformation aspirations and implementation. It has ranked the highest in its digital competitiveness in the Arab world as well as key contender globally. An estimated 67% of UAE-based insurers are keen to collaborate with insurtechs, while 85% want to partner with technology providers. In addition, over 60% of traditional insurance operators said they are interested in working with large-scale technology solutions.

Insurtech is emerging as a major force shaping the structure of financial services across Sub-Saharan Africa. New technologies are being developed and implemented that are changing the competitive landscape, challenging traditional structures, and significantly improving access to insurance. While this creates new challenges, Insurtech is emerging as an enabler by improving financial inclusion and facilitating innovation across other sectors, like agriculture. Virtually no sector has proven to be immune to Covid-19. For InsurTech, while it has always been touted as the ultimate disruptor of insurance, the pandemic has also risked becoming the ultimate disruptor for InsurTech itself. The pandemic has accelerated digitalization, rather than inhibited it.

Scope of the Report

A complete background analysis of the Middle East and Africa Insurtech Market, which includes an assessment of the National accounts, economy, and the emerging market trends by segments, significant changes in the market dynamics, and the market overview have been covered in the report.

By Insurance type
Life Insurance
Non-Life Insurance
By Business Model
Carrier
Enabler
Distributor
By Country
UAE
Saudi Arabia
Egypt
South Africa
Rest of Middle East And Africa

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Key Market Trends

Financial Development in Africa is Driving the Market

To explore its role in supporting African insurtech, The Department for International Trade has been leading a cross-government initiative focused on ‘insurtech for development’. Focusing on emerging innovations across insurtech, healthtech and agritech, the forums created space for insurers, banks, telcos, investors and regulators to network with tech firms and identify genuine opportunities for partnership. Many international tech companies have also got involved.

While developed insurance markets continue to stagnate, frontier markets remain massively under-insured. Although multiple barriers to entry exist, these also open up opportunities across Africa to grow market share. Developing innovative ways to understand and manage risk - and more established global insurers with the access and scale, that will be key to the success of insurance across Africa. Such partnerships will be crucial in helping to deepen insurance penetration, support African economies to prosper and help deliver.

Middle East And Africa Insurtech Market Trends

UAE Insurtech is the Largest Segment in Middle East and Africa

The rapid adoption of Insurtech services by traditional insurers in the United Arab Emirates is altering the industry landscape. The Middle Eastern hub embraced digitisation on a mass scale before COVID-19. The UAE has the most active startup ecosystem, with 33 of the 50 startups headquartered in the emirates, followed by Saudi, Egypt, Jordan, Lebanon and Kuwait.

2021 will see almost the entire industry adopting insurtech. All retail insurance both life and non-life products will go digital, motor insurance will start seeing technology disrupting the current domain big time. SME will be enabled. Most importantly insurance will be more embedded across various industries. A big thumbs up to the industry for responding very well and quickly adapting to the new world order. Telemedicine has become mandatory and lifestyle digital ecosystem will rearrange the way medical insurance is being bought, priced and serviced. Data collection will play a big role and will be leading the way industry shapes up in the coming years.

Middle East And Africa Insurtech Market Forecast

Competitive Landscape

Middle East and Africa Insurtech Market is highly competitive, with the presence of both international and domestic players. The market studied presents opportunities for growth during the period, which is expected to further drive the market competition. With multiple players holding significant shares, the market studied is competitive.

Recent Development

  • May 2022, Turtlemint sets up first overseas hub in bid to expand across MEA region. Turtlemint Insurance Services Pvt. Ltd, which runs insurtech platform Turtlemint, rolled out its first overseas unit in Dubai, as the company looks to expand its business footprint in the Middle East and Africa (MEA) region.
  • December 2021, Octamile, an InsurTech company enabling insurance and non-insurance businesses to protect African consumers from financial loss, has come out of stealth mode with $500,000 in pre-seed funding led by EchoVC with participation from Fiat Ventures, Kesho VC, Trade X, Verraki Partners, Dale Mathias, Kyle Daley (Founding team member of Chime) and other local and international angel investors.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porters 5 Force Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitutes

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Insights on Macroeconomic Aspects and Demographics of Middle East and Africa

    6. 4.6 Insights on Various Technologies Being Used by Insurtech Players in the region

    7. 4.7 Insights on Insurtech Regulatory Landscape in Middle East and Africa

    8. 4.8 Insights on Venture Capital Investment in Insurtech in Middle East and Africa

    9. 4.9 Impact of COVID-19 on the Industry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance type

      1. 5.1.1 Life Insurance

      2. 5.1.2 Non-Life Insurance

    2. 5.2 By Business Model

      1. 5.2.1 Carrier

      2. 5.2.2 Enabler

      3. 5.2.3 Distributor

    3. 5.3 By Country

      1. 5.3.1 UAE

      2. 5.3.2 Saudi Arabia

      3. 5.3.3 Egypt

      4. 5.3.4 South Africa

      5. 5.3.5 Rest of Middle East And Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 ERGO Sigorta

      2. 6.2.2 Harel Insurance Investments & Finance Services

      3. 6.2.3 Bayzat

      4. 6.2.4 Aqeed

      5. 6.2.5 Yallacompare

      6. 6.2.6 Migdal Holdings

      7. 6.2.7 Old Mutual

      8. 6.2.8 Liberty Holdings

      9. 6.2.9 Clal Insurance Enterprises Holdings Ltd.

      10. 6.2.10 Momentum Metropolitan Life Assurers

      11. 6.2.11 Emirates Retakaful Limited*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER

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Frequently Asked Questions

The Middle East And Africa Insurtech Market market is studied from 2018 - 2027.

The Middle East And Africa Insurtech Market is growing at a CAGR of >6% over the next 5 years.

ERGO Sigorta A.Ş, Harel Insurance Investments & Finance Services, Bayzat, Aqeed, Yallacompare are the major companies operating in Middle East And Africa Insurtech Market.

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