Middle East and Africa Travel Insurance Market, By Insurance Cover ; By Distribution Channel ; By End User ; By Country, Trend Analysis, Competitive Landscape & Forecast, 2019-2029

List of Tables

Middle East and Africa Travel Insurance Market Size Zooming 4.8X at Robust CAGR During 2023-2029 to Reach USD 3.47 Billion by 2029

Middle East and Africa Travel Insurance Market is flourishing due to an increasing number of international travelers from the region, growing awareness about travel-related risks and insurance coverage, regulatory mandates for travel insurance, concerns about medical emergencies, and a focus on personalized insurance coverage.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Middle East and Africa Travel Insurance Market size at USD 724.2 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Middle East and Africa Travel Insurance Market size to grow at a robust CAGR of 25.1% reaching a value of USD 3,466.80 million by 2029. The Middle East and Africa Travel Insurance Market is primarily propelled by the region's expanding tourism industry, rising awareness of travel-related risks, and the increasing emphasis on health and safety. Growing disposable incomes, a surge in international travel, and the prevalence of diverse travel destinations contribute to the demand for travel insurance. Also, regulatory mandates, evolving consumer preferences, and geopolitical tensions, like the Russia-Ukraine war, can influence market dynamics by impacting travel patterns and risk perceptions. The rise in adventure tourism and the integration of digital platforms for convenient policy purchase further stimulate the growth of Middle East and Africa Travel Insurance Market during the period in analysis.

Opportunity - Growing Middle Class and Expatriate Populations

The growing middle class and working population from foreign countries is a pivotal growth driver for the Middle East and Africa Travel Insurance Market. As the middle class expands, there is an increasing appetite for travel among this demographic. This surge in travel aspirations fuels a higher demand for travel insurance, driven by the middle class's desire for financial protection and security during their journeys. The growing disposable income within the segment amplifies the market's potential, as more individuals seek comprehensive travel insurance coverage, presenting a lucrative opportunity for insurers to cater to the evolving needs of this expanding middle-class traveler base.

Impact of Escalating Geopolitical Tensions on Middle East and Africa Travel Insurance Market

Escalating geopolitical tensions in the Middle East and Africa have significantly impacted the travel insurance market, fostering increased uncertainties and risk. Heightened regional instability has led to a surge in demand for comprehensive coverage, prompting insurers to reassess policies and premiums. Israel-Hamas war and Russia-Ukraine wars, pivotal geopolitical events, further intensified market dynamics by influencing risk perceptions and travel patterns. Insurers have responded by adjusting policies to address emerging threats and geopolitical hotspots, leading to a complex landscape for travelers. As geopolitical tensions persist, the Middle East and Africa travel insurance market faces ongoing challenges, requiring continuous adaptation to geopolitical developments for effective risk management and customer protection.

Middle East and Africa Travel Insurance Market - By Distribution Channel

Based on distribution channel, the Middle East and Africa Travel Insurance Market is divided into Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators segments. Insurance intermediaries play a pivotal role in facilitating travel insurance transactions. These intermediaries act as liaisons between travelers and insurance providers, offering a range of policies to meet diverse needs. Their intermediary status positions them at the forefront of the market, connecting consumers with suitable travel insurance products. This segment's significance underscores the importance of intermediaries in the distribution and accessibility of travel insurance across the Middle East and Africa region.

Competitive Landscape

Middle East and Africa Travel Insurance Market is fiercely competitive. Major companies in the market include Allianz Insurance, Chubb, AIG, Oman Insurance Company, RSA Insurance, Union Insurance Company, Tawuniya Insurance Company, Qatar Insurance Company, Doha Insurance Company, KIB Takaful Insurance Company, Salama Insurance Company, Noor Takaful, Al-Rajhi Takaful, and AXA Gulf. 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 Travel Insurance Market.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Middle East and Africa Travel Insurance 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 Travel Insurance 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: BWC231041

1. Research Framework

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

2. Executive Summary

3. Middle East and Africa Travel Insurance Market Insights

3.1. Industry Value Chain Analysis
3.2. DROC Analysis
- 3.2.1. Growth Drivers
  - 3.2.1.1. Increasing travel
  - 3.2.1.2. Growing awareness of travel insurance
- 3.2.2. Restraints
  - 3.2.2.1. Low insurance penetration
  - 3.2.2.2. Economic instability
  - 3.2.2.3. Security concerns
- 3.2.3. Opportunities
  - 3.2.3.1. Digitalization
  - 3.2.3.2. Untapped markets
  - 3.2.3.3. Rising middle class
- 3.2.4. Challenges
  - 3.2.4.1. Climate change
  - 3.2.4.2. Economic slowdown
3.3. Technological Advancements/Recent Developments
3.4. Regulatory Framework
3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry

4. Middle East and Africa Travel Insurance Market Overview

4.1. Market Size & Forecast, 2019-2029
- 4.1.1. By Value (USD Million)
4.2. Market Share and Forecast
- 4.2.1. By Insurance Cover
  - 4.2.1.1. Single-Trip Travel Insurance
  - 4.2.1.2. Annual Multi-Trip Travel Insurance
  - 4.2.1.3. Long-Stay Travel Insurance
- 4.2.2. By Distribution Channel
  - 4.2.2.1. Insurance Intermediaries
  - 4.2.2.2. Insurance Companies
  - 4.2.2.3. Banks
  - 4.2.2.4. Insurance Brokers
  - 4.2.2.5. Insurance Aggregators
- 4.2.3. By End User
  - 4.2.3.1. Senior Citizens
  - 4.2.3.2. Education Travelers
  - 4.2.3.3. Business Travelers
  - 4.2.3.4. Family Travelers
  - 4.2.3.5. Others
- 4.2.4. By Country
  - 4.2.4.1. Saudi Arabia
  - 4.2.4.2. UAE
  - 4.2.4.3. Qatar
  - 4.2.4.4. Kuwait
  - 4.2.4.5. South Africa
  - 4.2.4.6. Nigeria
  - 4.2.4.7. Algeria
  - 4.2.4.8. Rest of MEA

5. Saudi Arabia Travel Insurance Market

5.1. Market Size & Forecast, 2019-2029
- 5.1.1. By Value (USD Million)
5.2. Market Share & Forecast
- 5.2.1. By Insurance Cover
- 5.2.2. By Distribution Channel
- 5.2.3. By End User

6. UAE Travel Insurance Market

6.1. Market Size & Forecast, 2019-2029
- 6.1.1. By Value (USD Million)
6.2. Market Share & Forecast
- 6.2.1. By Insurance Cover
- 6.2.2. By Distribution Channel
- 6.2.3. By End User

7. Qatar Travel Insurance Market

7.1. Market Size & Forecast, 2019-2029
- 7.1.1. By Value (USD Million)
7.2. Market Share & Forecast
- 7.2.1. By Insurance Cover
- 7.2.2. By Distribution Channel
- 7.2.3. By End User

8. Kuwait Travel Insurance Market

8.1. Market Size & Forecast, 2019-2029
- 8.1.1. By Value (USD Million)
8.2. Market Share & Forecast
- 8.2.1. By Insurance Cover
- 8.2.2. By Distribution Channel
- 8.2.3. By End User

9. South Africa Travel Insurance Market

9.1. Market Size & Forecast, 2019-2029
- 9.1.1. By Value (USD Million)
9.2. Market Share & Forecast
- 9.2.1. By Insurance Cover
- 9.2.2. By Distribution Channel
- 9.2.3. By End User

10. Nigeria Travel Insurance Market

10.1. Market Size & Forecast, 2019-2029
- 10.1.1. By Value (USD Million)
10.2. Market Share & Forecast
- 10.2.1. By Insurance Cover
- 10.2.2. By Distribution Channel
- 10.2.3. By End User

11. Algeria Travel Insurance Market

11.1. Market Size & Forecast, 2019-2029
- 11.1.1. By Value (USD Million)
11.2. Market Share & Forecast
- 11.2.1. By Insurance Cover
- 11.2.2. By Distribution Channel
- 11.2.3. By End User

12. Rest of MEA Travel Insurance Market

12.1. Market Size & Forecast, 2019-2029
- 12.1.1. By Value (USD Million)
12.2. Market Share & Forecast
- 12.2.1. By Insurance Cover
- 12.2.2. By Distribution Channel
- 12.2.3. By End User

13. Competitive Landscape

13.1. List of Key Players and Their Offerings
13.2. Middle East and Africa Travel Insurance Market Share Analysis, 2022
13.3. Competitive Benchmarking, By Operating Parameters
13.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)

14. Impact of Escalating Geopolitical Tensions on Middle East and Africa Travel Insurance Market

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

15.1. Allianz Insurance
15.2. Chubb
15.3. AIG
15.4. Oman Insurance Company
15.5. RSA Insurance
15.6. Union Insurance Company
15.7. Tawuniya Insurance Company
15.8. Qatar Insurance Company
15.9. Doha Insurance Company
15.10. KIB Takaful Insurance Company
15.11. Salama Insurance Company
15.12. Noor Takaful
15.13. Al-Rajhi Takaful
15.14. AXA Gulf
15.15. Other Prominent Players

16. Key Strategic Recommendations

17. Research Methodology

17.1. Qualitative Research
- 17.1.1. Primary & Secondary Research
17.2. Quantitative Research
17.3. Market Breakdown & Data Triangulation
- 17.3.1. Secondary Research
- 17.3.2. Primary Research
17.4. Breakdown of Primary Research Respondents, By Region
17.5. 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: BWC231041

List of Figures

Figure 1 Middle East and Africa Travel Insurance Market Segmentation
Figure 2 Middle East and Africa Travel Insurance Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 Middle East and Africa Travel Insurance Market Size, By Value (USD Billion), 2019-2029
Figure 5 Middle East and Africa Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Figure 6 Middle East and Africa Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Figure 7 Middle East and Africa Travel Insurance Market Share, By End User, By Value, 2019-2029
Figure 8 Middle East and Africa Travel Insurance Market Share, By Country, By Value, 2019-2029
Figure 9 Saudi Arabia Travel Insurance Market Size, By Value (USD Billion), 2019-2029
Figure 10 Saudi Arabia Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Figure 11 Saudi Arabia Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Figure 12 Saudi Arabia Travel Insurance Market Share, By End User, By Value, 2019-2029
Figure 13 UAE Travel Insurance Market Size, By Value (USD Billion), 2019-2029
Figure 14 UAE Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Figure 15 UAE Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Figure 16 UAE Travel Insurance Market Share, By End User, By Value, 2019-2029
Figure 17 Qatar Travel Insurance Market Size, By Value (USD Billion), 2019-2029
Figure 18 Qatar Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Figure 19 Qatar Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Figure 20 Qatar Travel Insurance Market Share, By End User, By Value, 2019-2029
Figure 21 Kuwait Travel Insurance Market Size, By Value (USD Billion), 2019-2029
Figure 22 Kuwait Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Figure 23 Kuwait Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Figure 24 Kuwait Travel Insurance Market Share, By End User, By Value, 2019-2029
Figure 25 South Africa Travel Insurance Market Size, By Value (USD Billion), 2019-2029
Figure 26 South Africa Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Figure 27 South Africa Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Figure 28 South Africa Travel Insurance Market Share, By End User, By Value, 2019-2029
Figure 29 Nigeria Travel Insurance Market Size, By Value (USD Billion), 2019-2029
Figure 30 Nigeria Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Figure 31 Nigeria Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Figure 32 Nigeria Travel Insurance Market Share, By End User, By Value, 2019-2029
Figure 33 Algeria Travel Insurance Market Size, By Value (USD Billion), 2019-2029
Figure 34 Algeria Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Figure 35 Algeria Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Figure 36 Algeria Travel Insurance Market Share, By End User, By Value, 2019-2030
Figure 37 Rest of Middle East & Africa Travel Insurance Market Size, By Value (USD Billion), 2019-2029
Figure 38 Rest of Middle East & Africa Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Figure 39 Rest of Middle East & Africa Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Figure 40 Rest of Middle East & Africa Travel Insurance Market Share, By End User, By Value, 2019-2029

List of Tables

Table 1 Middle East and Africa Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Table 2 Middle East and Africa Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Table 3 Middle East and Africa Travel Insurance Market Share, By End User, By Value, 2019-2029
Table 4 Middle East and Africa Travel Insurance Market Share, By Country, By Value, 2019-2029
Table 5 Saudi Arabia Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Table 6 Saudi Arabia Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Table 7 Saudi Arabia Travel Insurance Market Share, By End User, By Value, 2019-2029
Table 8 UAE Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Table 9 UAE Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Table 10 UAE Travel Insurance Market Share, By End User, By Value, 2019-2029
Table 11 Qatar Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Table 12 Qatar Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Table 13 Qatar Travel Insurance Market Share, By End User, By Value, 2019-2029
Table 14 Kuwait Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Table 15 Kuwait Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Table 16 Kuwait Travel Insurance Market Share, By End User, By Value, 2019-2029
Table 17 South Africa Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Table 18 South Africa Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Table 19 South Africa Travel Insurance Market Share, By End User, By Value, 2019-2029
Table 20 Nigeria Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Table 21 Nigeria Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Table 22 Nigeria Travel Insurance Market Share, By End User, By Value, 2019-2029
Table 23 Algeria Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Table 24 Algeria Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Table 25 Algeria Travel Insurance Market Share, By End User, By Value, 2019-2030
Table 26 Rest of Middle East & Africa Travel Insurance Market Share, By Insurance Cover, By Value, 2019-2029
Table 27 Rest of Middle East & Africa Travel Insurance Market Share, By Distribution Channel, By Value, 2019-2029
Table 28 Rest of Middle East & Africa Travel Insurance Market Share, By End User, By Value, 2019-2029
Table 29 Allianz Insurance Company Overview
Table 30 Allianz Insurance Financial Overview
Table 31 Chubb Company Overview
Table 32 Chubb Financial Overview
Table 33 AIG Company Overview
Table 34 AIG Financial Overview
Table 35 Oman Insurance Company: Company Overview
Table 36 Oman Insurance Company Financial Overview
Table 37 RSA Insurance Company Overview
Table 38 RSA Insurance Financial Overview
Table 39 Union Insurance Company: Company Overview
Table 40 Union Insurance Company Financial Overview
Table 41 Tawuniya Insurance Company: Company Overview
Table 42 Tawuniya Insurance Company Financial Overview
Table 43 Qatar Insurance Company: Company Overview
Table 44 Qatar Insurance Company Financial Overview
Table 45 Doha Insurance Company: Company Overview
Table 46 Doha Insurance Company Financial Overview
Table 47 KIB Takaful Insurance Company: Company Overview
Table 48 KIB Takaful Insurance Company Financial Overview
Table 49 Salama Insurance Company: Company Overview
Table 50 Salama Insurance Company Financial Overview
Table 51 Other Prominent Players Company Overview
Table 52 Other Prominent Players Financial Overview

Middle East and Africa Travel Insurance Market, By Insurance Cover ; By Distribution Channel ; By End User ; 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 Travel Insurance Market Insights

4. Middle East and Africa Travel Insurance Market Overview

5. Saudi Arabia Travel Insurance Market

6. UAE Travel Insurance Market

7. Qatar Travel Insurance Market

8. Kuwait Travel Insurance Market

9. South Africa Travel Insurance Market

10. Nigeria Travel Insurance Market

11. Algeria Travel Insurance Market

12. Rest of MEA Travel Insurance Market

13. Competitive Landscape

14. Impact of Escalating Geopolitical Tensions on Middle East and Africa Travel Insurance Market

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

16. Key Strategic Recommendations

17. Research Methodology

List of Figures

List of Tables