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PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1428539

PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1428539

Middle East and Africa Property Insurance Market, By Coverage ; By Application ; By End User ; By Country, Trend Analysis, Competitive Landscape & Forecast, 2019-2030

PUBLISHED: February 15, 2024

PAGES: 200 Pages

DELIVERY TIME: 2-3 business days

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Middle East and Africa Property Insurance Market Size Expands at Steady CAGR of 3.58% to Touch USD 16.34 Billion by 2030

Middle East and Africa Property Insurance Market is expanding due to rapid urbanization, an increasing number of building and construction projects, growing awareness about risk management, and the need for obtaining risk coverage against natural disasters.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Middle East and Africa Property Insurance Market size at USD 13.23 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Middle East and Africa Property Insurance Market size to grow at a CAGR of 3.58% reaching a value of USD 16.34 billion by 2030. The Middle East and Africa Property Insurance Market is propelled by the escalating global demand for property insurance, driven by increased digital transformation in industries. The widespread penetration of the internet and mobile devices further fuels market expansion. Moreover, the growing financial requirements of businesses and individuals for property insurance contribute significantly to the market's positive trajectory. The confluence of factors underscores the region's burgeoning property insurance sector, reflecting a dynamic landscape shaped by technological advancements and evolving financial needs.

Opportunity - Adoption of innovative technological advancements

Increasing adoption of advanced technologies including geolocation, application program interface (API), artificial intelligence (AI), data analytics, blockchain, and big data provides growth opportunities for insurers in the market. With these technological developments, home insurance distribution platforms are expected to enhance productivity for providing various coverage including ALE Additional Living Expenses, Renter's insurance, and others, seamlessly at the point-of-purchase. Moreover, digital transformation enables home insurance companies to create highly personalized user experiences with their customers. Further, to maintain the home insurance market position, insurers are considering the use of big data analytics that offer possibilities of generating large premiums. In addition, technologies help in data collection, cater to customer-specific needs, calculate risk, and detect fraud. Therefore, easy accessibility and convenient home insurance offerings through technological advancements are expected to provide lucrative opportunities for insurers in the home insurance market.

Impact of COVID-19 on Middle East and Africa Property Insurance Market

The home insurance industry experienced continuous investments for its development and became a massive contributor to economic growth. However, the industry was moderately affected by the outbreak of the COVID-19 pandemic, leading to economic instability. It was observed that increased uncertainty concerning income and employment influenced individuals to postpone new house purchases. According to several studies, 80% of households delayed their decision to buy a home as mortgage lenders required homeowner insurance, which was an expense for homebuyers when buying a house. However, due to financial instability or liquidity crunch during the crisis, the demand for home insurance was moderately reduced. During the COVID-19 pandemic, everyone started staying at home, so insurance companies expected an increase in insurance claims. Therefore, COVID-19 brought an opportunity for home insurers to expand their business by offering flexible payment plans to support consumers through the pandemic.

Middle East and Africa Property Insurance Market

Segmental Coverage

Middle East and Africa Property Insurance Market - By Coverage

Based on coverage, Middle East and Africa Property Insurance Market is divided into Fire & Theft, House Damage, Floods & Earthquake, and Personal Property segments. The house damage insurance segment dominates the market, reflecting the significant focus on protecting residential and commercial properties from various risks. The segment encompasses coverage for damages caused by fire, theft, and other specified perils, addressing the diverse challenges faced in the region. House damage insurance plays a pivotal role in mitigating financial losses associated with property damage, making it a key component in the overall property insurance landscape in Middle East and Africa.

Middle East and Africa Property Insurance Market - By Application

Based on application, Middle East and Africa Property Insurance Market is divided into Personal and Enterprise segments. The enterprise segment emerges as a leading application, showcasing robust growth and significant market share. The segment caters to the insurance needs of businesses, industries, and commercial properties, reflecting a growing demand for comprehensive coverage in the region. The enterprise segment's prominence underscores the importance of property insurance in safeguarding businesses against various risks, driving the overall expansion of the Middle East and Africa Property Insurance Market.

Competitive Landscape

Middle East and Africa Property Insurance Market is fiercely competitive. Major companies in the market include Oman Insurance Company, AXA Gulf, RSA Insurance, Qatar Insurance Company, SANAD Cooperative Insurance and Reinsurance Company, Abu Dhabi National Insurance Company (ADNIC), and Alliance Insurance. 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 Property Insurance Market.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Middle East and Africa Property 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 Property 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: BWC24130

1. Research Framework

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

2. Executive Summary

3. Middle East and Africa Property Insurance Market Insights

3.1. Industry Value Chain Analysis
3.2. DROC Analysis
- 3.2.1. Growth Drivers
  - 3.2.1.1. Rising property values
  - 3.2.1.2. Increased awareness of risk
  - 3.2.1.3. Growing middle class
- 3.2.2. Restraints
  - 3.2.2.1. Low insurance penetration
  - 3.2.2.2. High premiums and affordability concerns
- 3.2.3. Opportunities
  - 3.2.3.1. Product diversification and customization
  - 3.2.3.2. Digital marketing and distribution channels
- 3.2.4. Challenges
  - 3.2.4.1. Fraudulent claims and risk management
  - 3.2.4.2. Competition from Informal Risk Mitigation Strategies
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 Property Insurance Market Overview

4.1. Market Size & Forecast, 2019-2030
- 4.1.1. By Value (USD Billion)
4.2. Market Share and Forecast
- 4.2.1. By Coverage
  - 4.2.1.1. Fire & Theft
  - 4.2.1.2. House Damage
  - 4.2.1.3. Floods & Earthquake
  - 4.2.1.4. Personal Property
  - 4.2.1.5. Others
- 4.2.2. By Application
  - 4.2.2.1. Personal
  - 4.2.2.2. Enterprise
- 4.2.3. By End User
  - 4.2.3.1. Landlords
  - 4.2.3.2. Homeowners
  - 4.2.3.3. Renters
  - 4.2.3.4. 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 Property Insurance Market

5.1. Market Size & Forecast, 2019-2030
- 5.1.1. By Value (USD Billion)
5.2. Market Share & Forecast
- 5.2.1. By Coverage
- 5.2.2. By Application
- 5.2.3. By End User

6. UAE Property Insurance Market

6.1. Market Size & Forecast, 2019-2030
- 6.1.1. By Value (USD Billion)
6.2. Market Share & Forecast
- 6.2.1. By Coverage
- 6.2.2. By Application
- 6.2.3. By End User

7. Qatar Property Insurance Market

7.1. Market Size & Forecast, 2019-2030
- 7.1.1. By Value (USD Billion)
7.2. Market Share & Forecast
- 7.2.1. By Coverage
- 7.2.2. By Application
- 7.2.3. By End User

8. Kuwait Property Insurance Market

8.1. Market Size & Forecast, 2019-2030
- 8.1.1. By Value (USD Billion)
8.2. Market Share & Forecast
- 8.2.1. By Coverage
- 8.2.2. By Application
- 8.2.3. By End User

9. South Africa Property Insurance Market

9.1. Market Size & Forecast, 2019-2030
- 9.1.1. By Value (USD Billion)
9.2. Market Share & Forecast
- 9.2.1. By Coverage
- 9.2.2. By Application
- 9.2.3. By End User

10. Nigeria Property Insurance Market

10.1. Market Size & Forecast, 2019-2030
- 10.1.1. By Value (USD Billion)
10.2. Market Share & Forecast
- 10.2.1. By Coverage
- 10.2.2. By Application
- 10.2.3. By End User

11. Algeria Property Insurance Market

11.1. Market Size & Forecast, 2019-2030
- 11.1.1. By Value (USD Billion)
11.2. Market Share & Forecast
- 11.2.1. By Coverage
- 11.2.2. By Application
- 11.2.3. By End User

12. Rest of MEA Property Insurance Market

12.1. Market Size & Forecast, 2019-2030
- 12.1.1. By Value (USD Billion)
12.2. Market Share & Forecast
- 12.2.1. By Coverage
- 12.2.2. By Application
- 12.2.3. By End User

13. Competitive Landscape

13.1. List of Key Players and Their Offerings
13.2. Middle East and Africa Property Insurance Market Share Analysis, 2023
13.3. Competitive Benchmarking, By Operating Parameters
13.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)

14. Impact of Covid-19 on Middle East and Africa Property Insurance Market

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

15.1. Oman Insurance Company
15.2. AXA Gulf
15.3. RSA Insurance
15.4. Qatar Insurance Company
15.5. SANAD Cooperative Insurance and Reinsurance Company
15.6. Abu Dhabi National Insurance Company (ADNIC)
15.7. Alliance Insurance
15.8. 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: BWC24130

List of Figures

Figure 1 Middle East and Africa Property Insurance Market Segmentation
Figure 2 Middle East and Africa Property Insurance Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2023
Figure 4 Middle East and Africa Property Insurance Market Size, By Value (USD Billion), 2019-2030
Figure 5 Middle East and Africa Property Insurance Market Share, By Coverage, By Value, 2019-2030
Figure 6 Middle East and Africa Property Insurance Market Share, By Application, By Value, 2019-2030
Figure 7 Middle East and Africa Property Insurance Market Share, By End User, By Value, 2019-2030
Figure 8 Middle East and Africa Property Insurance Market Share, By Country, By Value, 2019-2030
Figure 9 Saudi Arabia Property Insurance Market Size, By Value (USD Billion), 2019-2030
Figure 10 Saudi Arabia Property Insurance Market Share, By Coverage, By Value, 2019-2030
Figure 11 Saudi Arabia Property Insurance Market Share, By Application, By Value, 2019-2030
Figure 12 Saudi Arabia Property Insurance Market Share, By End User, By Value, 2019-2030
Figure 13 UAE Property Insurance Market Size, By Value (USD Billion), 2019-2030
Figure 14 UAE Property Insurance Market Share, By Coverage, By Value, 2019-2030
Figure 15 UAE Property Insurance Market Share, By Application, By Value, 2019-2030
Figure 16 UAE Property Insurance Market Share, By End User, By Value, 2019-2030
Figure 17 Qatar Property Insurance Market Size, By Value (USD Billion), 2019-2030
Figure 18 Qatar Property Insurance Market Share, By Coverage, By Value, 2019-2030
Figure 19 Qatar Property Insurance Market Share, By Application, By Value, 2019-2030
Figure 20 Qatar Property Insurance Market Share, By End User, By Value, 2019-2030
Figure 21 Kuwait Property Insurance Market Size, By Value (USD Billion), 2019-2030
Figure 22 Kuwait Property Insurance Market Share, By Coverage, By Value, 2019-2030
Figure 23 Kuwait Property Insurance Market Share, By Application, By Value, 2019-2030
Figure 24 Kuwait Property Insurance Market Share, By End User, By Value, 2019-2030
Figure 25 South Africa Property Insurance Market Size, By Value (USD Billion), 2019-2030
Figure 26 South Africa Property Insurance Market Share, By Coverage, By Value, 2019-2030
Figure 27 South Africa Property Insurance Market Share, By Application, By Value, 2019-2030
Figure 28 South Africa Property Insurance Market Share, By End User, By Value, 2019-2030
Figure 29 Nigeria Property Insurance Market Size, By Value (USD Billion), 2019-2030
Figure 30 Nigeria Property Insurance Market Share, By Coverage, By Value, 2019-2030
Figure 31 Nigeria Property Insurance Market Share, By Application, By Value, 2019-2030
Figure 32 Nigeria Property Insurance Market Share, By End User, By Value, 2019-2030
Figure 33 Algeria Property Insurance Market Size, By Value (USD Billion), 2019-2030
Figure 34 Algeria Property Insurance Market Share, By Coverage, By Value, 2019-2030
Figure 35 Algeria Property Insurance Market Share, By Application, By Value, 2019-2030
Figure 36 Algeria Property Insurance Market Share, By End User, By Value, 2019-2030
Figure 37 Rest of MEA Property Insurance Market Size, By Value (USD Billion), 2019-2030
Figure 38 Rest of MEA Property Insurance Market Share, By Coverage, By Value, 2019-2030
Figure 39 Rest of MEA Property Insurance Market Share, By Application, By Value, 2019-2030
Figure 40 Rest of MEA Property Insurance Market Share, By End User, By Value, 2019-2030

List of Tables

Table 1 Middle East and Africa Property Insurance Market Share, By Coverage, By Value, 2019-2030
Table 2 Middle East and Africa Property Insurance Market Share, By Application, By Value, 2019-2030
Table 3 Middle East and Africa Property Insurance Market Share, By End User, By Value, 2019-2030
Table 4 Middle East and Africa Property Insurance Market Share, By Country, By Value, 2019-2030
Table 5 Saudi Arabia Property Insurance Market Share, By Coverage, By Value, 2019-2030
Table 6 Saudi Arabia Property Insurance Market Share, By Application, By Value, 2019-2030
Table 7 Saudi Arabia Property Insurance Market Share, By End User, By Value, 2019-2030
Table 8 UAE Property Insurance Market Share, By Coverage, By Value, 2019-2030
Table 9 UAE Property Insurance Market Share, By Application, By Value, 2019-2030
Table 10 UAE Property Insurance Market Share, By End User, By Value, 2019-2030
Table 11 Qatar Property Insurance Market Share, By Coverage, By Value, 2019-2030
Table 12 Qatar Property Insurance Market Share, By Application, By Value, 2019-2030
Table 13 Qatar Property Insurance Market Share, By End User, By Value, 2019-2030
Table 14 Kuwait Property Insurance Market Share, By Coverage, By Value, 2019-2030
Table 15 Kuwait Property Insurance Market Share, By Application, By Value, 2019-2030
Table 16 Kuwait Property Insurance Market Share, By End User, By Value, 2019-2030
Table 17 South Africa Property Insurance Market Share, By Coverage, By Value, 2019-2030
Table 18 South Africa Property Insurance Market Share, By Application, By Value, 2019-2030
Table 19 South Africa Property Insurance Market Share, By End User, By Value, 2019-2030
Table 20 Nigeria Property Insurance Market Share, By Coverage, By Value, 2019-2030
Table 21 Nigeria Property Insurance Market Share, By Application, By Value, 2019-2030
Table 22 Nigeria Property Insurance Market Share, By End User, By Value, 2019-2030
Table 23 Algeria Property Insurance Market Share, By Coverage, By Value, 2019-2030
Table 24 Algeria Property Insurance Market Share, By Application, By Value, 2019-2030
Table 25 Algeria Property Insurance Market Share, By End User, By Value, 2019-2030
Table 26 Rest of MEA Property Insurance Market Share, By Coverage, By Value, 2019-2030
Table 27 Rest of MEA Property Insurance Market Share, By Application, By Value, 2019-2030
Table 28 Rest of MEA Property Insurance Market Share, By End User, By Value, 2019-2030
Table 29 Oman Insurance Company Company Overview
Table 30 Oman Insurance Company Financial Overview
Table 31 AXA Gulf Company Overview
Table 32 AXA Gulf Financial Overview
Table 33 RSA Insurance Company Overview
Table 34 RSA Insurance Financial Overview
Table 35 Qatar Insurance Company: Company Overview
Table 36 Qatar Insurance Company Financial Overview
Table 37 SANAD Cooperative Insurance and Reinsurance Company Company Overview
Table 38 SANAD Cooperative Insurance and Reinsurance Company Financial Overview
Table 39 Abu Dhabi National Insurance Company (ADNIC) Company Overview
Table 40 Abu Dhabi National Insurance Company (ADNIC) Financial Overview
Table 41 Alliance Insurance Company Overview
Table 42 Alliance Insurance Financial Overview
Table 43 Other Prominent Players Company Overview
Table 44 Other Prominent Players Financial Overview