Market Insights Financial Insurances Non-life insurances

Property Insurance - Western Asia

Western Asia

The Property Insurance market market in Western Asia is expected to witness significant growth in the coming years.
According to projections, the market size (gross written premium) is set to reach US$8.43bn in 2024.
This indicates a steady increase in demand for insurance coverage in the region.
Furthermore, the average spending per capita in the Property Insurance market market is estimated to be US$37.85 in 2024.
This figure reflects the amount individuals are willing to invest in protecting their properties and assets.
Looking ahead, the market is projected to experience an annual growth rate of 3.18% (CAGR 2024-2029).
This growth is expected to drive the market volume to US$9.86bn by 2029.
These numbers indicate a positive trajectory for the Property Insurance market market in Western Asia.
In a global comparison, it is worth noting that the United States is expected to generate the highest gross written premium in 2024, amounting to US$240.4bn.
This demonstrates the significant market presence and financial strength of the United States in the Property Insurance market sector.
Overall, these numbers highlight the potential and importance of the Property Insurance market market in Western Asia, with steady growth expected in the coming years.
In Western Asia, property insurance is seeing a surge in demand due to increasing urbanization and the need to protect valuable assets in high-risk areas.

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Analyst Opinion

In Western Asia, the Property Insurance market is experiencing significant growth and development. Customer preferences in the region are shifting towards comprehensive property insurance coverage to protect against natural disasters, such as earthquakes and floods, which are common in the area. Additionally, there is a growing demand for property insurance that covers terrorism-related damages, reflecting the geopolitical landscape of the region. Trends in the market show an increasing adoption of technology in the property insurance sector in Western Asia. Insurers are leveraging data analytics and artificial intelligence to assess risks more accurately and offer tailored insurance products to customers. Moreover, there is a rise in the popularity of online platforms for purchasing property insurance, making it more accessible to a wider range of customers. Local special circumstances, such as varying regulatory environments and political instability in some countries in Western Asia, are influencing the property insurance market. Insurers in the region must navigate these unique challenges to ensure compliance with local laws and maintain financial stability in volatile political climates. Underlying macroeconomic factors, including economic growth, urbanization, and infrastructure development, are driving the expansion of the property insurance market in Western Asia. As the region continues to modernize and attract foreign investment, the demand for property insurance is expected to increase further, creating opportunities for insurers to expand their offerings and reach new customer segments.

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.