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Report
Middle East and Africa Insurtech Market By Insurance Type (Life, Non-Life, Others), By Service (Consulting, Support and Maintenance, Managed Services), By Country, Competition, Forecast & Opportunities, 2020-2030F
Market Report I 2025-02-28 I 134 Pages I TechSci Research
The Middle East and Africa (MEA) Insurtech market was valued at USD 76.88 million in 2024 and is projected to reach USD 109.44 million by 2030, reflecting a compound annual growth rate (CAGR) of 6.06% during the forecast period. This growth is primarily driven by the increasing adoption of digital technologies, higher insurance penetration, and government initiatives that support the development of financial technology. Insurtech startups are leveraging advanced technologies such as AI, blockchain, and big data to enhance customer experiences, streamline claims processing, and improve risk assessment. Leading nations like the UAE, Saudi Arabia, and South Africa are spearheading innovation through regulatory sandboxes and strategic partnerships with traditional insurers.
Key Market Drivers
Increasing Digital and Mobile Penetration
The rise in smartphone usage and internet connectivity in the MEA region is a key factor propelling the growth of the Insurtech market. Countries like the UAE, Saudi Arabia, and South Africa boast high mobile penetration rates, with internet usage surpassing 90% in some areas, which is enabling rapid expansion of digital insurance platforms. In 2024, Saudi Arabia had around 36.84 million internet users, resulting in an internet penetration rate of 99%, highlighting the country's robust digital infrastructure. Additionally, mobile-based microinsurance solutions are becoming increasingly popular, particularly in Africa where traditional insurance penetration is low. The growing prevalence of digital payments and the expansion of fintech ecosystems are further promoting the growth of Insurtech, with mobile wallets and electronic transactions becoming integrated into the insurance landscape.
Key Market Challenges
Regulatory Complexities and Compliance Issues
The Insurtech market in the MEA region is confronted with significant regulatory hurdles due to the diverse and rapidly evolving legal frameworks in each country. While nations like the UAE and Saudi Arabia have introduced regulatory sandboxes to foster innovation, other countries maintain rigid and outdated insurance regulations, posing challenges to digital transformation. In many African countries, regulatory uncertainty and slow approval processes further inhibit the adoption of new insurance technologies. Additionally, compliance with anti-money laundering (AML) and data protection laws adds complexity, as many MEA countries have stringent requirements for financial institutions, including digital insurers. The lack of regulatory uniformity across the region results in operational inefficiencies, increased costs, and potential legal risks for Insurtech firms.
Key Market Trends
Expansion of Embedded Insurance Solutions
One of the emerging trends in the MEA Insurtech market is the increasing integration of insurance products into non-insurance platforms, a model known as embedded insurance. This approach allows consumers to seamlessly purchase insurance as part of their everyday transactions, such as purchasing electronics, booking travel, or engaging in financial services. E-commerce platforms, ride-hailing services, and digital payment providers are increasingly partnering with Insurtech firms to offer built-in insurance coverage at the point of sale. For instance, in Africa, mobile network operators are bundling health and life insurance with mobile airtime plans, while in the Middle East, airlines and travel platforms are offering travel insurance during the booking process. This trend is improving accessibility, increasing customer engagement, and driving higher insurance penetration in the region.
Key Market Players
- 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
Report Scope:
This report segments the MEA Insurtech market into the following categories, with detailed insights into industry trends:
By Insurance Type:
- Life
- Non-Life
- Others
By Service:
- Consulting
- Support and Maintenance
- Managed Services
By Country:
- Saudi Arabia
- UAE
- Egypt
- Qatar
- Oman
- South Africa
- Turkey
- Nigeria
- Rest of Middle East & Africa
Competitive Landscape
Company Profiles: A comprehensive analysis of major players in the MEA Insurtech market.
Available Customizations:
TechSci Research offers customization options for the Middle East and Africa Insurtech Market report to meet specific company needs, including:
- Company Information: In-depth analysis and profiling of up to five additional market players.
1. Introduction
1.1. Market Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Countries
3.4. Key Segments
4. Middle East and Africa Insurtech Market Outlook
4.1. Market Size & Forecast
4.1.1. By Value
4.2. Market Share & Forecast
4.2.1. By Insurance Type Market Share Analysis (Life, Non-Life, Others)
4.2.2. By Service Market Share Analysis (Consulting, Support and Maintenance, Managed Services)
4.2.3. By Country Market Share Analysis
4.2.3.1. Saudi Arabia Market Share Analysis
4.2.3.2. UAE Market Share Analysis
4.2.3.3. Egypt Market Share Analysis
4.2.3.4. Qatar Market Share Analysis
4.2.3.5. Oman Market Share Analysis
4.2.3.6. South Africa Market Share Analysis
4.2.3.7. Turkey Market Share Analysis
4.2.3.8. Nigeria Market Share Analysis
4.2.3.9. Rest of Middle East & Africa Market Share Analysis
4.2.4. By Top 5 Companies Market Share Analysis, Others (2024)
4.3. Middle East and Africa Insurtech Market Mapping & Opportunity Assessment
4.3.1. By Insurance Type Market Mapping & Opportunity Assessment
4.3.2. By Service Market Mapping & Opportunity Assessment
4.3.3. By Country Market Mapping & Opportunity Assessment
5. Saudi Arabia Insurtech Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Insurance Type Market Share Analysis
5.2.2. By Service Market Share Analysis
6. UAE Insurtech Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Insurance Type Market Share Analysis
6.2.2. By Service Market Share Analysis
7. Egypt Insurtech Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Insurance Type Market Share Analysis
7.2.2. By Service Market Share Analysis
8. Qatar Insurtech Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Insurance Type Market Share Analysis
8.2.2. By Service Market Share Analysis
9. Oman Insurtech Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Insurance Type Market Share Analysis
9.2.2. By Service Market Share Analysis
10. South Africa Insurtech Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Insurance Type Market Share Analysis
10.2.2. By Service Market Share Analysis
11. Turkey Insurtech Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value
11.2. Market Share & Forecast
11.2.1. By Insurance Type Market Share Analysis
11.2.2. By Service Market Share Analysis
12. Nigeria Insurtech Market Outlook
12.1. Market Size & Forecast
12.1.1. By Value
12.2. Market Share & Forecast
12.2.1. By Insurance Type Market Share Analysis
12.2.2. By Service Market Share Analysis
13. Market Dynamics
13.1. Drivers
13.2. Challenges
14. Market Trends & Developments
15. Competitive Landscape
15.1. Competitive Benchmarking
15.2. Company Profiles
15.2.1. ERGO Sigorta
15.2.1.1. Company Details
15.2.1.2. Products & Services
15.2.1.3. Financials (As Per Availability)
15.2.1.4. Key Market Focus & Geographical Presence
15.2.1.5. Recent Developments
15.2.1.6. Key Management Personnel
15.2.2. Harel Insurance Investments & Finance Services
15.2.2.1. Company Details
15.2.2.2. Products & Services
15.2.2.3. Financials (As Per Availability)
15.2.2.4. Key Market Focus & Geographical Presence
15.2.2.5. Recent Developments
15.2.2.6. Key Management Personnel
15.2.3. Bayzat
15.2.3.1. Company Details
15.2.3.2. Products & Services
15.2.3.3. Financials (As Per Availability)
15.2.3.4. Key Market Focus & Geographical Presence
15.2.3.5. Recent Developments
15.2.3.6. Key Management Personnel
15.2.4. Aqeed
15.2.4.1. Company Details
15.2.4.2. Products & Services
15.2.4.3. Financials (As Per Availability)
15.2.4.4. Key Market Focus & Geographical Presence
15.2.4.5. Recent Developments
15.2.4.6. Key Management Personnel
15.2.5. Yallacompare
15.2.5.1. Company Details
15.2.5.2. Products & Services
15.2.5.3. Financials (As Per Availability)
15.2.5.4. Key Market Focus & Geographical Presence
15.2.5.5. Recent Developments
15.2.5.6. Key Management Personnel
15.2.6. Migdal Holdings
15.2.6.1. Company Details
15.2.6.2. Products & Services
15.2.6.3. Financials (As Per Availability)
15.2.6.4. Key Market Focus & Geographical Presence
15.2.6.5. Recent Developments
15.2.6.6. Key Management Personnel
15.2.7. Old Mutual
15.2.7.1. Company Details
15.2.7.2. Products & Services
15.2.7.3. Financials (As Per Availability)
15.2.7.4. Key Market Focus & Geographical Presence
15.2.7.5. Recent Developments
15.2.7.6. Key Management Personnel
15.2.8. Liberty Holdings
15.2.8.1. Company Details
15.2.8.2. Products & Services
15.2.8.3. Financials (As Per Availability)
15.2.8.4. Key Market Focus & Geographical Presence
15.2.8.5. Recent Developments
15.2.8.6. Key Management Personnel
15.2.9. Clal Insurance Enterprises Holdings Ltd.
15.2.9.1. Company Details
15.2.9.2. Products & Services
15.2.9.3. Financials (As Per Availability)
15.2.9.4. Key Market Focus & Geographical Presence
15.2.9.5. Recent Developments
15.2.9.6. Key Management Personnel
15.2.10. Momentum Metropolitan Life Assurers
15.2.10.1. Company Details
15.2.10.2. Products & Services
15.2.10.3. Financials (As Per Availability)
15.2.10.4. Key Market Focus & Geographical Presence
15.2.10.5. Recent Developments
15.2.10.6. Key Management Personnel
16. Strategic Recommendations
16.1. Key Focus Areas
16.2. Target Insurance Type
16.3. Target Service
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