The GCC insurance industry has grown consistently in recent years, propelled by the economic rebound following the COVID-19 slowdown and the successful implementation and advancement of mandatory health insurance across the GCC countries. This positive trajectory is expected to accelerate in the long term, fueled by sustained economic diversification initiatives, population growth, and substantial infrastructure development within the region. The industry is experiencing a surge in M&A activities driven by the strategic plans of the operators to expand their geographical presence. Increased operating expenses, regulatory changes, competitive pressures, and a scarcity of available insurance licenses are further driving sector consolidation.
Alpen Capital's comprehensive industry research reports on the insurance sector feature forecasts on the size of the market comprising of life and non-life insurance segments, along with in-depth analysis on recent trends, growth drivers and challenges facing the industry. Furthermore, the report also profiles select insurance companies in the region.
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GCC Insurance Industry Report
According to Alpen Capital, the GCC insurance market is expected to grow at an annualized growth rate of 5.3%, reaching an estimated US$ 44.4 billion in 2028 from US$ 34.3 billion in 2023. The life insurance GWP is projected to grow at a CAGR of 4.0%,while the non-life insurance segment is estimated to grow at a CAGR of 5.4%. Insurance density is expected to increase from US$ 597.6 in 2023 to US$ 699.5 in 2028, while insurance penetration is anticipated to change marginally during the same period.
Saudi Arabia surpassed the UAE to become the largest insurance market in the GCC in 2022, driven by massive infrastructure development and an increasing demand for motor and medical insurance. Alpen Capital anticipates this trend to persist, forecasting a CAGR of 5.8% for the Kingdom between 2023 and 2038. The UAE’s insurance market is expected to grow at a CAGR of 4.9%, while Kuwait is projected to witness the highest growth rate in the GCC at a CAGR of 6.4%, attributed to steady population growth between 2023 and 2028 and increased government investments in infrastructure.
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Alpen Capital has wide experience in structuring and negotiating transactions within the insurance industry across the Middle East. We provide clients with access to the right strategic and financial partners, guidance on valuations, and market intelligence to maximise the value of their business.
