Market Insights Financial Insurances Non-life insurances

Property Insurance - GCC

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 2024-2028) of 2.56%, resulting in a market volume of US$4.99bn by 2028.
In comparison to other countries worldwide, the United States is expected to generate the highest gross written premium of US$214.7bn 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.

Market

Region

Region comparison

Currency

Analyst Opinion

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.

Methodology

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.