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The Insurances market in MENA has been experiencing significant growth and development in recent years. Customer preferences in the MENA region are shifting towards more comprehensive insurance coverage, including health, life, and property insurance. Customers are becoming more aware of the importance of being adequately insured, especially in the face of increasing uncertainties and risks. Trends in the market show a growing demand for digital insurance solutions, with more customers opting to purchase insurance online or through mobile applications. This trend is driven by the region's young and tech-savvy population, who prefer convenient and accessible insurance services. Local special circumstances in the MENA region, such as regulatory changes' impact on the insurance market, are influencing the industry's development. Governments in the region are implementing reforms to enhance the insurance sector's transparency and efficiency, attracting more foreign investments and fostering market competition. Underlying macroeconomic factors, such as the region's economic diversification efforts and population growth, are also contributing to the growth of the insurance market in MENA. As the region's economies continue to expand and become more diversified, there is a growing need for various insurance products to mitigate risks and protect assets. Overall, the insurance market in MENA is poised for further growth and development, driven by changing customer preferences, technological advancements, regulatory reforms, and favorable macroeconomic conditions.
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)