Market Size of Middle East And Africa Insurtech Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 76.32 Million |
| Market Size (2029) | USD 102.13 Million |
| CAGR (2024 - 2029) | 6.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Middle East And Africa Insurtech Market Analysis
The Middle East And Africa Insurtech Market size is estimated at USD 76.32 million in 2024, and is expected to reach USD 102.13 million by 2029, growing at a CAGR of 6% during the forecast period (2024-2029).
Insurance Penetration in Middle East countries exists at a significantly low level with non-life insurance having a larger penetration than life insurance products in the market. UAE, Iran, and Jordan exist among the Middle Eastern countries with the highest insurance penetration rate of around 2% in the region. As a result of this existing gap, Insurtech solutions are emerging as a digital insurance product in the region for expanding the Insurance market penetration in the region. Existing traditional Insurance are adopting digital solutions for expanding their online insurance products as well and fintech platforms are emerging in the market providing users with a wide range of Insurance coverage products. Rising Internet usage penetration in the region is creating a positive externality for insurance providers to reach a large customer base and reduce insurance providers' customer acquisition costs through their digital insurance products.
Qatar, Israel, UAE, Kuwait, and Saudi Arabia are among the countries in the MENA region with the highest value of GDP per capita and this is leading to a rise in expenditure of the people on Insurance products either related to life or non-life. The number of fintech companies in the Middle East region has observed a continuous increase over the years providing personalized and on-demand insurance products. Among the insurance products, Nonlife and P&C insurance are among the segments with a share of more than 70% of net gross written premium (GWP). Traditional insurance providers existing in the region are investing as little as two percent of their revenues in technology which is hampering the expansion of digital insurance products in the region and providing opportunities for Insurtech players to expand.
