Middle East and Africa Property Insurance Market, By Coverage (Fire & Theft, House Damage, Floods & Earthquake, Personal Property); By Application (Personal, Enterprise); By End User (Landlords, Homeowners, Renters); By Country (Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, Rest of MEA), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
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.
- 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
- 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
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