| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 80.90 Million |
| Market Size (2030) | USD 108.26 Million |
| CAGR (2025 - 2030) | 6.00 % |
| Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
Middle East And Africa Insurtech Market Analysis
The Middle East And Africa Insurtech Market size is estimated at USD 80.90 million in 2025, and is expected to reach USD 108.26 million by 2030, at a CAGR of 6% during the forecast period (2025-2030).
Insurance Penetration in Middle East countries exists at a significantly low level with non-life insurance having a larger penetration than life insurance products in the market. UAE, Iran, and Jordan exist among the Middle Eastern countries with the highest insurance penetration rate of around 2% in the region. As a result of this existing gap, Insurtech solutions are emerging as a digital insurance product in the region for expanding the Insurance market penetration in the region. Existing traditional Insurance are adopting digital solutions for expanding their online insurance products as well and fintech platforms are emerging in the market providing users with a wide range of Insurance coverage products. Rising Internet usage penetration in the region is creating a positive externality for insurance providers to reach a large customer base and reduce insurance providers' customer acquisition costs through their digital insurance products.
Qatar, Israel, UAE, Kuwait, and Saudi Arabia are among the countries in the MENA region with the highest value of GDP per capita and this is leading to a rise in expenditure of the people on Insurance products either related to life or non-life. The number of fintech companies in the Middle East region has observed a continuous increase over the years providing personalized and on-demand insurance products. Among the insurance products, Nonlife and P&C insurance are among the segments with a share of more than 70% of net gross written premium (GWP). Traditional insurance providers existing in the region are investing as little as two percent of their revenues in technology which is hampering the expansion of digital insurance products in the region and providing opportunities for Insurtech players to expand.
Middle East And Africa Insurtech Market Trends
Rising Digitization of Insurance Business
As the global banking and insurance industry is adopting digital technologies for their daily operations, insurance products can also be availed digitally through the online platforms of insurance providers. Blockchain is helping insurance companies develop an automated claim payment mechanism with a focus on the cost-reducing efforts of the insurance providers. With a rise in the number of insurtech deals being made in the Middle East over the years, Adnic, Bupa Arabia, Tawuniya, Wafa Assurance, and Abu Dhabi National Insurance have emerged as the players expanding digital insurance in the region. Countries of UAE, Israel, Saudi Arabia, and Bahrain are leading the online banking penetration in the region, creating an opportunistic environment for investment in insurtech business in the region and reducing customer acquisition costs of the insurance providers.
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Expansion of Insurance Business in the Region
The rise in Insurance market revenue is leading to the adoption of Insurtech by Insurance providers to increase their market share and revenue. UAE, Bahrain, Saudi Arabia, and Oman are among the countries in the region with the largest sale of insurance products. With a rising insurance business in the region, Bupa, Tawuniya, Wafa Assurance, and Saham Assurance have emerged as the leading insurance providers with the highest market value in the region and are investing a significant amount of their revenue in developing digital insurance products. Motor and health insurance exist among the products observing a continuous expansion in the region with significant efforts being made by the governments for promoting them. With technological innovation being introduced at a rapid pace in the insurance industry digital insurance products in the region are expected to observe positive growth over the coming period.
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Middle East And Africa Insurtech Industry Overview
The Middle East and Africa Insurtech Market is fragmented with a large number of international and domestic players. With a diverse set of insurance product demands from businesses as well as customers Insurtech companies are coming up with a wide range of flexible and affordable digital insurance products. Some of the existing insurance firms in the Middle East and Africa are Harel Insurance Investments & Finance Service, Bayzat, Aqeed, Yallacompare, and ERGO Sigorta.
Middle East And Africa Insurtech Market Leaders
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Harel Insurance Investments & Finance Services
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Bayzat
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Aqeed
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Yallacompare
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ERGO Sigorta
- *Disclaimer: Major Players sorted in no particular order
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Middle East And Africa Insurtech Market News
- In May 2022, Turtlemint Insurance Services Pvt. Ltd which exists as an Indian-based Insurtech firm launched its office in Dubai as a central hub for the company’s business expansion in the Middle East region.
- In July 2022, Wellx, a UAE-based health and wellness-focused InsurTech platform launched and completed its USD 2 million seed funding round. The investment enables the UAE start-up to expand its regional growth and drive technological innovation. Combining Health and InsurTech platforms through multi-source data ingestion, and population health analytics, the company aims to reduce insurance claims from prevention to digital health and care.
Middle East And Africa Insurtech Industry Segmentation
Insurtech refers to the use of digital technology to offer insurance products. It improves the efficiency of the insurance industry model. Insurtech offerings vary from life and non-life to P&C insurance with a wide range of emerging digital insurance products allowing users to pay their premium and claim their insurance online.
The Middle East and Africa Insurtech Market is segmented by service, by insurance segment and by geography. By service the market is segmented into consulting, support and maintenance, managed services. By insurance segment the market is segmented into life, non-life, and other segments. By geography the market is segmented into uae, saudi arabia, egypt, south africa, and the rest of the middle east and africa. The report also covers the market sizes and forecasts for the middle east and africa insurtech market in value (USD) for all the above segments.
| By Service | Consulting |
| Support and Maintenance | |
| Managed Services | |
| By Insurance type | Life |
| Non-Life | |
| Other Segments | |
| By Country | UAE |
| Saudi Arabia | |
| Egypt | |
| South Africa | |
| Rest of Middle East and Africa |
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Middle East And Africa Insurtech Market Research FAQs
How big is the Middle East And Africa Insurtech Market?
The Middle East And Africa Insurtech Market size is expected to reach USD 80.90 million in 2025 and grow at a CAGR of 6% to reach USD 108.26 million by 2030.
What is the current Middle East And Africa Insurtech Market size?
In 2025, the Middle East And Africa Insurtech Market size is expected to reach USD 80.90 million.
Who are the key players in Middle East And Africa Insurtech Market?
Harel Insurance Investments & Finance Services, Bayzat, Aqeed, Yallacompare and ERGO Sigorta are the major companies operating in the Middle East And Africa Insurtech Market.
What years does this Middle East And Africa Insurtech Market cover, and what was the market size in 2024?
In 2024, the Middle East And Africa Insurtech Market size was estimated at USD 76.05 million. The report covers the Middle East And Africa Insurtech Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Middle East And Africa Insurtech Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Middle East And Africa Insurtech Industry Report
Statistics for the 2025 Middle East And Africa Insurtech market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Middle East And Africa Insurtech analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
