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The Insurances market in GCC has been experiencing significant growth and development in recent years. Customer preferences in the GCC region are shifting towards more comprehensive insurance coverage, including health, life, and property insurance. Customers are increasingly looking for tailored insurance solutions that provide them with greater security and peace of mind. Trends in the market show a growing demand for digital insurance services, with more customers opting to purchase insurance policies online or through mobile apps. This shift towards digitalization is driving insurance companies in the GCC to invest in technology and improve their online platforms to enhance customer experience. Local special circumstances in the GCC, such as the high prevalence of high-net-worth individuals and the large expatriate population, are influencing the insurance market. Insurance companies are developing specialized products to cater to the unique needs of these customer segments, offering services such as wealth management insurance and international health insurance. Underlying macroeconomic factors, such as the region's economic diversification efforts and population growth, are also driving the growth of the insurance market in the GCC. As the economies in the region continue to expand and the population increases, there is a greater need for insurance products to protect individuals and businesses against various risks. This, in turn, is fueling the growth of the insurance market in the GCC.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)