Contact
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)
The Life insurance market in GCC has been experiencing significant growth and development in recent years. Customer preferences in the GCC region indicate a growing awareness and understanding of the importance of life insurance as a financial planning tool. Customers are increasingly seeking comprehensive life insurance products that offer not only protection but also investment opportunities. This shift in preferences is driving insurance companies in the region to innovate and offer more tailored solutions to meet the evolving needs of customers. Trends in the market show a rise in the adoption of digital technologies for selling and servicing life insurance products in the GCC countries. Insurers are leveraging digital platforms to reach a wider customer base, streamline processes, and enhance the overall customer experience. Additionally, there is a growing trend towards customization, with insurers developing personalized products to cater to specific customer segments such as expatriates and high-net-worth individuals. Local special circumstances in the GCC, such as the high expatriate population and the cultural emphasis on family protection, are influencing the growth of the life insurance market in the region. Expatriates often seek life insurance coverage to secure the financial future of their families back home, while local residents prioritize life insurance as a means of providing financial stability and protection for their loved ones. Underlying macroeconomic factors, including stable economic growth, increasing disposable incomes, and regulatory reforms supporting the insurance industry, are contributing to the positive trajectory of the life insurance market in the GCC. As the region continues to diversify its economy and promote financial literacy, the demand for life insurance products is expected to further increase, driving the market's growth and development.
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)