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Insurance industry market size forecast in GCC 2019-2024 by segment

The market size of non-life insurance in the Gulf Cooperation Council countries was expected to increase from 25.5 billion U.S. dollars in 2019 to 31.4 billion U.S. dollars in 2024. While the market size of life insurance in the GCC was expected to increase from 3.7 billion U.S. dollars in 2019 to 4.7 billion U.S. dollars in 2024.

Current GCC insurance industry

The insurance industry has experienced positive growth over the years. The market value of both life and non-life insurance almost doubled in the GCC region from 2011 to 2018. Among the Gulf Cooperation Council countries, the United Arab Emirates (UAE) had the largest market share of the insurance industry in 2018, followed by Saudi Arabia. Although the economic conditions during 2016 and 2018 hindered its growth, it is expected to improve during the coming years.

GCC insurance industry projections

There are optimistic projections for the industry that can be explained by the population growth, and stable economic development. The governments have been implementing crucial steps that support the growth of the sector such as the continued application of mandatory insurance coverage, the reinforcement of the regulatory reforms, and economic diversification. The insurance penetration rate in the Gulf Cooperation Council region is expected to remain far below the global average of 6.1 percent until 2024. The insurance penetration rate is the gross written premium measured as a percentage of the gross domestic product. The market size of the insurance industry in the Gulf Cooperation Council was expected to increase from 29.2 billion U.S. dollars in 2019, to 36.1 U.S. billion dollars in 2024. The compound annual growth rate (CAGR) among the GCC countries between 2019 and 2024 was expected to be the highest for Kuwait at 8.2 percent, and the lowest for Bahrain at 1.5 percent.

Projected market size of the insurance industry in the Gulf Cooperation Council from 2019 to 2024, by segment

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Sources

Release date

November 2019

Region

Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, MENA

Survey time period

2018

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Statistics on "Insurance industry: GCC"

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