Over the past few years, the Property Insurance market in the Middle East and North Africa (MENA) region has shown significant growth and development. Customer preferences in the MENA Property Insurance market have been shifting towards comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly seeking tailor-made insurance solutions that cater to their specific needs and offer added value in terms of coverage and services. Trends in the market indicate a growing demand for property insurance in countries like the United Arab Emirates and Saudi Arabia, driven by rapid urbanization, infrastructure development, and a greater awareness of the importance of insurance protection. In these countries, property insurance is becoming increasingly popular among homeowners, businesses, and real estate developers. Local special circumstances in the MENA region, such as extreme weather conditions, political instability, and the risk of natural disasters, contribute to the growing importance of property insurance. These factors highlight the need for adequate insurance coverage to protect properties and assets against unforeseen events. Underlying macroeconomic factors, including economic growth, population expansion, and regulatory reforms, play a crucial role in shaping the Property Insurance market in the MENA region. As economies in the region continue to diversify and expand, the demand for property insurance is expected to rise, driven by increased investments in real estate and infrastructure projects. In conclusion, the Property Insurance market in the MENA region is experiencing notable growth and development, fueled by changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.
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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