Non-life insurances - GCC | Statista Market Forecast

The Non-life insurance market in the GCC is expected to reach a projected market size (gross written premium) of US$23.00bn by 2024.
The average spending per capita in this market is estimated to be US$381.00 in 2024.
Furthermore, the gross written premium is anticipated to display a compound annual growth rate (CAGR 2024-2029) of 3.35%, leading to a market volume of US$27.11bn by 2029.
When compared globally, the United States is projected to generate the highest gross written premium, amounting to US$2.5tn in 2024.
The non-life insurance market in the GCC is witnessing a surge in demand due to the region's rapid economic growth and increasing awareness about risk management.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

Over the past few years, the Non-life insurances market in GCC has been experiencing significant growth and development. Customer preferences in the GCC region have been shifting towards non-life insurance products due to the increasing awareness of the importance of protecting assets and properties. Customers are becoming more inclined to purchase policies that cover risks such as property damage, motor vehicle accidents, and medical emergencies. Trends in the market show a rise in demand for innovative non-life insurance products tailored to the specific needs of customers in each GCC country. Insurers are introducing new offerings such as customizable property insurance plans, comprehensive motor insurance policies, and specialized health insurance packages to cater to the evolving needs of the market. Local special circumstances in the GCC, such as the rapid urbanization, infrastructural developments, and increasing expatriate population, are contributing to the growth of the non-life insurance market. These circumstances create a higher demand for insurance coverage against property damage, accidents, and health emergencies, driving the expansion of the market in the region. Underlying macroeconomic factors, including stable economic growth, government initiatives to promote insurance penetration, and regulatory reforms to enhance the insurance sector, are also playing a crucial role in the development of the non-life insurance market in the GCC. The favorable economic conditions and supportive regulatory environment are encouraging both insurers and customers to actively participate in the market, leading to its continuous growth and evolution.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.