Non-Life Insurance in Middle East
Summary
Non-Life Insurance in Middle East industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- Non-life insurance is defined as any insurance not determined to be life insurance. It includes automobile and homeowners' policies and provides payments depending on the loss from a particular financial event. The market value is measured by the written premium generated by market players within a given year.
- The Middle Eastern non-life insurance market recorded written premiums of $41.2 billion in 2023, representing a compound annual growth rate (CAGR) of 8.2% between 2018 and 2023.
- The motor segment accounted for the market's largest proportion in 2023, with total written premiums of $9.9 billion, equivalent to 24.1% of the market's overall value.
- The Middle Eastern non-life insurance market is experiencing significant growth, driven by rising awareness of the importance of insurance in safeguarding assets and mitigating financial risks. Moreover, the growing elderly population is significantly boosting demand for health insurance policies, as aging individuals increasingly prioritize comprehensive coverage to manage rising medical expenses and long-term care needs. According to the United States Census Bureau, the population of individuals aged 65 and above in Saudi Arabia reached 1.4 million in 2023, reflecting a 7.1% increase from the previous year.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the non-life insurance market in Middle East
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the non-life insurance market in Middle East
- Leading company profiles reveal details of key non-life insurance market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Middle East non-life insurance market with five year forecasts by both value and volume
- What was the size of the Middle East non-life insurance market by value in 2023?
- What will be the size of the Middle East non-life insurance market in 2028?
- What factors are affecting the strength of competition in the Middle East non-life insurance market?
- How has the market performed over the last five years?
- Who are the top competitors in Middle East's non-life insurance market?
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market share
- 1.6. Market rivalry
- 1.7. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 4 Market Segmentation
- 4.1. Category segmentation
- 4.2. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Market share
- 7.2. Who are the leading players?
- 7.3. What are the strengths and strategies of the leading players?
- 7.4. What are the recent developments in the market?
- 8 Company Profiles
- 8.1. The Company for Cooperative Insurance
- 8.2. Al-Rajhi Company for Cooperative Insurance
- 8.3. Walaa Cooperative Insurance Co
- 8.4. Gulf Insurance Group
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. Industry associations
- 10.3. Related MarketLine research
- 10.4. About MarketLine
- List of Tables
- Table 1: Middle East non-life insurance market value: $ billion, 2018-23
- Table 2: Middle East non-life insurance market category segmentation: % share, by value, 2018-23
- Table 3: Middle East non-life insurance market category segmentation: $ billion, 2018-23
- Table 4: Middle East non-life insurance market geography segmentation: $ billion, 2023
- Table 5: Middle East non-life insurance market value forecast: $ billion, 2023-28
- Table 6: Middle East non-life insurance market share: % share, by value, 2023
- Table 7: The Company for Cooperative Insurance: Key Facts
- Table 8: The Company for Cooperative Insurance: Annual Financial Ratios
- Table 9: The Company for Cooperative Insurance: Key Employees
- Table 10: Al-Rajhi Company for Cooperative Insurance: Key Facts
- Table 11: Al-Rajhi Company for Cooperative Insurance: Annual Financial Ratios
- Table 12: Al-Rajhi Company for Cooperative Insurance: Key Employees
- Table 13: Walaa Cooperative Insurance Co: Key Facts
- Table 14: Walaa Cooperative Insurance Co: Annual Financial Ratios
- Table 15: Walaa Cooperative Insurance Co: Key Employees
- Table 16: Gulf Insurance Group: Key Facts
- Table 17: Gulf Insurance Group: Annual Financial Ratios
- Table 18: Gulf Insurance Group: Key Employees
- Table 19: Middle East Size of Population (million), 2019-23
- Table 20: Middle East Real GDP (Constant 2010 Prices, $ Billion), 2019-23
- Table 21: Middle East GDP (Current Prices, $ Billion), 2019-23
- Table 22: Middle East Inflation, 2019-23
- Table 23: Middle East Consumer Price Index (Absolute), 2019-23
- Table 24: Middle East Exchange Rate, 2018-23
- List of Figures
- Figure 1: Middle East non-life insurance market value: $ billion, 2018-23
- Figure 2: Middle East non-life insurance market category segmentation: $ billion, 2018-23
- Figure 3: Middle East non-life insurance market geography segmentation: % share, by value, 2023
- Figure 4: Middle East non-life insurance market value forecast: $ billion, 2023-28
- Figure 5: Forces driving competition in the non-life insurance market in the Middle East, 2023
- Figure 6: Drivers of buyer power in the non-life insurance market in the Middle East, 2023
- Figure 7: Drivers of supplier power in the non-life insurance market in the Middle East, 2023
- Figure 8: Factors influencing the likelihood of new entrants in the non-life insurance market in the Middle East, 2023
- Figure 9: Factors influencing the threat of substitutes in the non-life insurance market in the Middle East, 2023
- Figure 10: Drivers of degree of rivalry in the non-life insurance market in the Middle East, 2023
- Figure 11: Middle East non-life insurance market share: % share, by value, 2023
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