Middle East and Africa Insurtech Market, By Insurance Type ; By Service ; By Technology ; By End-use ; By Country ; Trend Analysis, Competitive Landscape & Forecast, 2019-2029

List of Tables

Middle East and Africa Insurtech Market Size Zooming 7X at Robust CAGR of 38.78% to Touch USD 1.6 Billion by 2029

Middle East and Africa insurtech market is flourishing due to the increasing adoption of digital technologies, rising awareness of insurance products, regulatory support for innovation, and a growing young population.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Middle East and Africa insurtech market size at USD 231.32 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Middle East and Africa insurtech market size to grow at a robust CAGR of 38.78% reaching a value of USD 1,652.56 million by 2029. The Middle East and Africa insurtech market is propelled by several key factors. These include a burgeoning tech-savvy population eager for innovative insurance solutions, increased internet and mobile penetration fostering accessibility, a growing demand for personalized insurance products, regulatory support for insurtech development, and rising investment interest in the region's tech startups. Also, the need to modernize traditional insurance models, enhance operational efficiency, and address underserved markets contributes to the market's expansion. These factors collectively drive the rapid growth and adoption of insurtech solutions across the Middle East and Africa.

Insurtech - Overview

Insurtech, a fusion of "insurance" and "technology," revolutionizes the insurance industry by leveraging cutting-edge tech like AI, big data, and IoT. It streamlines operations, enhances user experience, and develops innovative insurance products. Insurtech facilitates personalized policies, quicker claims processing, and risk analysis, optimizing efficiency and reducing costs. Startups and established companies alike are diving into this domain, sparking a wave of digital transformation within the traditionally conservative insurance sector.

Impact of COVID-19 on Middle East and Africa Insurtech Market

The COVID-19 pandemic significantly impacted the Middle East and Africa insurtech market, prompting a shift towards digital solutions for insurance services. The crisis accelerated the adoption of technology for remote customer engagement, claims processing, and risk assessment. Insurtech companies in the region experienced increased demand for contactless services, driving innovation in AI-driven underwriting, digital health solutions, and flexible coverage options. However, economic uncertainties and regulatory challenges posed hurdles. Overall, the pandemic catalyzed a digital transformation within the industry, emphasizing the importance of tech-driven, agile solutions in a post-pandemic landscape.

Middle East and Africa Insurtech Market - By End use

Based on end use, Middle East and Africa insurtech market is divided into Automotive, BFSI, Healthcare, and Government segments. The Banking, Financial Services, and Insurance (BFSI) is the largest end-use segment in the Middle East and Africa insurtech market. This segment boasts substantial growth within the insurtech landscape, driven by the integration of advanced technologies in insurance processes, including artificial intelligence, blockchain, and data analytics. The BFSI segment's expansion signifies a robust adoption of insurtech solutions, enhancing operational efficiency, risk management, and customer experiences within the financial and insurance domains across the Middle East and Africa.

Competitive Landscape

Middle East and Africa insurtech market is fiercely competitive. Major companies in the market include ERGO Sigorta, Harel Insurance Investments & Finance Services, Bayzat, Aqeed, Yallacompare, Migdal Holdings, Old Mutual, Liberty Holdings, Clal Insurance Enterprises Holdings Ltd, Momentum Metropolitan Life Assurers, and Emirates Retakaful Limited. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Middle East and Africa insurtech market.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Middle East and Africa Insurtech Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in Middle East and Africa Insurtech Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Product Code: BWC23989

1. Research Framework

1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation

2. Executive Summary

3. Middle East and Africa Insurtech Market Insights

3.1. End Use Value Chain Analysis
- 3.1.1. DROC Analysis
- 3.1.2. Growth Drivers
  - 3.1.2.1. Digital transformation
  - 3.1.2.2. Regulatory support
  - 3.1.2.3. Growing insurance awareness
- 3.1.3. Restraints
  - 3.1.3.1. Infrastructure challenges
  - 3.1.3.2. Regulatory hurdles
- 3.1.4. Opportunities
  - 3.1.4.1. Untapped markets
  - 3.1.4.2. Customization
- 3.1.5. Challenges
  - 3.1.5.1. Trust and data security
  - 3.1.5.2. Competition
3.2. Technological Advancements/Recent Developments
3.3. Regulatory Framework
3.4. Porter's Five Forces Analysis
- 3.4.1. Bargaining Power of Suppliers
- 3.4.2. Bargaining Power of Buyers
- 3.4.3. Threat of New Entrants
- 3.4.4. Threat of Substitutes
- 3.4.5. Intensity of Rivalry

4. Middle East and Africa Insurtech Market Overview

4.1. Market Product & Forecast, 2019-2029
- 4.1.1. By Value (USD Billion)
4.2. Market Share & Forecast
- 4.2.1. By Insurance Type
  - 4.2.1.1. Life
  - 4.2.1.2. Non-Life
- 4.2.2. By Service
  - 4.2.2.1. Consulting
  - 4.2.2.2. Support & Maintenance
  - 4.2.2.3. Others
- 4.2.3. By Technology
  - 4.2.3.1. Cloud Computing
  - 4.2.3.2. IoT
  - 4.2.3.3. Machine Learning
  - 4.2.3.4. Others
- 4.2.4. By End Use
  - 4.2.4.1. Automotive
  - 4.2.4.2. BFSI
  - 4.2.4.3. Healthcare
  - 4.2.4.4. Government
  - 4.2.4.5. Others
- 4.2.5. By Country
  - 4.2.5.1. Saudi Arabia
  - 4.2.5.2. UAE
  - 4.2.5.3. Qatar
  - 4.2.5.4. Kuwait
  - 4.2.5.5. South Africa
  - 4.2.5.6. Nigeria
  - 4.2.5.7. Algeria
  - 4.2.5.8. Rest of MEA

5. Competitive Landscape

5.1. List of Key Players and Their Offerings
5.2. Middle East and Africa Insurtech Company Market Share Analysis, 2022
5.3. Competitive Benchmarking, By Operating Parameters
5.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)

6. Impact of COVID-19 on Middle East and Africa Insurtech Market

7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)

7.1. ERGO Sigorta
7.2. Harel Insurance Investments & Finance Services
7.3. Bayzat
7.4. Aqeed
7.5. Yallacompare
7.6. Migdal Holdings
7.7. Old Mutual
7.8. Liberty Holdings
7.9. Clal Insurance Enterprises Holdings Ltd
7.10. Momentum Metropolitan Life Assurers
7.11. Emirates Retakaful Limited
7.12. Other Prominent Players

8. Key Strategic Recommendations

9. Research Methodology

9.1. Qualitative Research
- 9.1.1. Primary & Secondary Research
9.2. Quantitative Research
9.3. Market Breakdown & Data Triangulation
- 9.3.1. Secondary Research
- 9.3.2. Primary Research
9.4. Breakdown of Primary Research Respondents, By Country
9.5. Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

Product Code: BWC23989

List of Figures

Figure 1 Middle East and Africa Insurtech Segmentation
Figure 2 Middle East and Africa Insurtech Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 Middle East and Africa Insurtech Market Size, By Value (USD Billion), 2019-2029
Figure 5 Middle East and Africa Insurtech Market Share, By Insurance Type, By Value, 2019-2029
Figure 6 Middle East and Africa Insurtech Market Share, By Service, By Value, 2019-2029
Figure 7 Middle East and Africa Insurtech Market Share, By Technology, By Value, 2019-2029
Figure 8 Middle East and Africa Insurtech Market Share, By End Use, By Value, 2019-2029
Figure 9 Middle East and Africa Insurtech Market Share, By Country, By Value, 2019-2029

List of Tables

Table 1 Middle East and Africa Insurtech Market Size, By Value (USD Billion), 2019-2029
Table 2 Middle East and Africa Insurtech Market Size, By Insurance Type, By Value, 2019-2029
Table 3 Middle East and Africa Insurtech Market Size, By Service, By Value, 2019-2029
Table 4 Middle East and Africa Insurtech Market Size, By Technology, By Value, 2019-2029
Table 5 Middle East and Africa Insurtech Market Size, By End Use, By Value, 2019-2029
Table 6 Middle East and Africa Insurtech Market Size, By Country, By Value, 2019-2029
Table 7 ERGO Sigorta Company Overview
Table 8 ERGO Sigorta Financial Overview
Table 9 Harel Insurance Investments & Finance Services Company Overview
Table 10 Harel Insurance Investments & Finance Services Financial Overview
Table 11 Bayzat Company Overview
Table 12 Bayzat Financial Overview
Table 13 Aqeed Company Overview
Table 14 Aqeed Financial Overview
Table 15 Yallacompare Company Overview
Table 16 Yallacompare Financial Overview
Table 17 Migdal Holdings Company Overview
Table 18 Migdal Holdings Financial Overview
Table 19 Old Mutual Company Overview
Table 20 Old Mutual Financial Overview
Table 21 Liberty Holdings Company Overview
Table 22 Liberty Holdings Financial Overview
Table 23 Clal Insurance Enterprises Holdings Ltd Company Overview
Table 24 Clal Insurance Enterprises Holdings Ltd Financial Overview
Table 25 Momentum Metropolitan Life Assurers Company Overview
Table 26 Momentum Metropolitan Life Assurers Financial Overview
Table 27 Emirates Retakaful Limited Company Overview
Table 28 Emirates Retakaful Limited Financial Overview

Middle East and Africa Insurtech Market, By Insurance Type ; By Service ; By Technology ; By End-use ; By Country ; Trend Analysis, Competitive Landscape & Forecast, 2019-2029

Description

Table of Contents

List of Tables

Table of Contents

1. Research Framework

2. Executive Summary

3. Middle East and Africa Insurtech Market Insights

4. Middle East and Africa Insurtech Market Overview

5. Competitive Landscape

6. Impact of COVID-19 on Middle East and Africa Insurtech Market

7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)

8. Key Strategic Recommendations

9. Research Methodology

List of Figures

List of Tables