sector focus - Insurance

According to Alpen Capital, the GCC insurance market is projected to grow at an annualized rate of 4.9% from US$ 48.5 billion in 2025 to US$ 61.8 billion in 2030, subject to prevailing economic and geopolitical uncertainties. Sustained increase in population, recovery in economic activity, expansion of mandatory insurance lines and higher regulatory oversight are among the leading factors that will facilitate growth in the sector. The life insurance GWP is projected to grow at a CAGR of 3.5% from US$ 6.4 billion in 2025 to US$ 7.7 billion in 2030. Meanwhile, the non-life insurance segment is projected to grow at a CAGR of 5.2% to reach US$ 54.1 billion in 2030 from US$ 42.1 billion in 2025. This growth is expected to be led by increasing urbanization rates and a strong pipeline of large-scale infrastructure development projects across the GCC. Insurance density is expected to increase from US$ 775.3 in 2025 to US$ 907.5 by 2030, while insurance penetration is anticipated to change marginally during the same period.

With respect to the individual GCC countries, Saudi Arabia is expected to retain its position as the largest insurance market in the region and witness the highest growth rate, with a CAGR of 5.9% between 2025 and 2030. Kuwait is projected to follow Saudi Arabia with a CAGR of 5.5%, while the UAE insurance market is anticipated to grow at a CAGR of 4.1%.