Property Insurance - GCC | Statista Market Forecast

The Property Insurance market market in the GCC is projected to reach a market size (gross written premium) of US$4.51bn by 2024.
The average spending per capita in the Property Insurance market market is expected to be US$74.67 in 2024.
It is anticipated that the gross written premium will exhibit an annual growth rate (CAGR 2024-2029) of 2.54%, resulting in a market volume of US$5.11bn by 2029.
In comparison to other countries worldwide, the United States is expected to generate the highest gross written premium of US$240.4bn in 2024.
In the GCC, the property insurance market is experiencing a surge in demand due to rapid urbanization and infrastructure development in countries like the United Arab Emirates and Saudi Arabia.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

The Property Insurance market in GCC has been experiencing significant growth and development in recent years. Customer preferences in the GCC region are shifting towards comprehensive property insurance coverage that includes protection against natural disasters, such as floods and earthquakes, in addition to the standard coverage for fire and theft. Trends in the market indicate a rising demand for property insurance in countries like the UAE and Saudi Arabia, driven by rapid urbanization, infrastructure development, and an increase in high-value properties. Insurers are also introducing innovative products and digital solutions to cater to the evolving needs of customers in the region. Local special circumstances, such as extreme weather conditions and the risk of geopolitical tensions in some GCC countries, are influencing the property insurance market. Insurers are adapting their offerings to provide specialized coverage for these unique risks, attracting more customers looking for tailored insurance solutions. Underlying macroeconomic factors, including stable economic growth, government initiatives promoting insurance penetration, and regulatory reforms supporting the insurance industry, are contributing to the expansion of the property insurance market in the GCC. As the region continues to develop and attract foreign investments, the demand for property insurance is expected to rise further.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.