Market Trends of Middle East And Africa Insurtech Industry
Rising Digitization of Insurance Business
As the global banking and insurance industry is adopting digital technologies for their daily operations, insurance products can also be availed digitally through the online platforms of insurance providers. Blockchain is helping insurance companies develop an automated claim payment mechanism with a focus on the cost-reducing efforts of the insurance providers. With a rise in the number of insurtech deals being made in the Middle East over the years, Adnic, Bupa Arabia, Tawuniya, Wafa Assurance, and Abu Dhabi National Insurance have emerged as the players expanding digital insurance in the region. Countries of UAE, Israel, Saudi Arabia, and Bahrain are leading the online banking penetration in the region, creating an opportunistic environment for investment in insurtech business in the region and reducing customer acquisition costs of the insurance providers.
Expansion of Insurance Business in the Region
The rise in Insurance market revenue is leading to the adoption of Insurtech by Insurance providers to increase their market share and revenue. UAE, Bahrain, Saudi Arabia, and Oman are among the countries in the region with the largest sale of insurance products. With a rising insurance business in the region, Bupa, Tawuniya, Wafa Assurance, and Saham Assurance have emerged as the leading insurance providers with the highest market value in the region and are investing a significant amount of their revenue in developing digital insurance products. Motor and health insurance exist among the products observing a continuous expansion in the region with significant efforts being made by the governments for promoting them. With technological innovation being introduced at a rapid pace in the insurance industry digital insurance products in the region are expected to observe positive growth over the coming period.
