Recent data shows a dynamic landscape in the General Liability Insurance market in the MENA region.
Customer preferences: Customers in the MENA region are increasingly seeking comprehensive General Liability Insurance coverage to protect their businesses from various risks. They are looking for policies that offer not only basic coverage but also additional benefits tailored to their specific industry needs. Additionally, there is a growing demand for digital solutions that provide convenient access to insurance products and services.
Trends in the market: In Saudi Arabia, there is a noticeable trend towards stricter regulatory requirements for businesses, which is driving the uptake of General Liability Insurance. Companies are realizing the importance of protecting themselves against potential liabilities and are therefore investing more in insurance coverage. On the other hand, in the UAE, the market is witnessing a surge in demand for General Liability Insurance from the construction and real estate sectors due to the increasing number of large-scale projects in the country.
Local special circumstances: In Egypt, the General Liability Insurance market is influenced by the government's efforts to attract more foreign investment. As a result, there is a growing emphasis on risk management practices, including the purchase of liability insurance, to provide a secure environment for businesses to operate. Moreover, in Qatar, the market is experiencing growth driven by the upcoming FIFA World Cup 2022, which is leading to an increase in construction activities and the need for liability insurance coverage.
Underlying macroeconomic factors: The overall economic growth in the MENA region is contributing to the development of the General Liability Insurance market. As businesses expand and diversify, the need for insurance protection against potential risks becomes more pronounced. Additionally, the regulatory environment in many countries is becoming more stringent, prompting companies to invest in comprehensive insurance coverage to ensure their long-term sustainability and compliance with laws and regulations.
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.
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