Middle East and Africa Insurtech Market to Grow with a CAGR of 6.06% through 2030
The Middle East and Africa Insurtech Market is driven by rising digital adoption, government support, increasing demand for personalized insurance, and fintech collaborations.
According
to TechSci Research report, “Middle East and Africa Insurtech Market – By Country, Competition,
Forecast & Opportunities, 2030F”, the
Middle East and Africa Insurtech Market stood at USD 76.88 Million in 2024 and
is anticipated to grow USD 109.44 Million by 2030 with a CAGR 6.06% during
forecast period. The Middle East and Africa (MEA) Insurtech market is
experiencing rapid transformation, driven by increasing digitalization,
regulatory support, and rising consumer demand for innovative insurance
solutions. Insurtech companies are leveraging advanced technologies such as
artificial intelligence (AI), blockchain, big data, and the Internet of Things
(IoT) to streamline operations, enhance customer experience, and expand
insurance accessibility across the region. Governments in key markets like
Saudi Arabia, the UAE, and South Africa are introducing regulatory sandboxes
and fintech-friendly policies to encourage digital insurance adoption.
Additionally, the rise of mobile-based insurance models and embedded insurance
solutions is helping bridge the insurance gap in underpenetrated regions,
particularly in Africa. However, challenges such as regulatory complexities,
cybersecurity risks, and low consumer awareness remain significant hurdles for
Insurtech firms looking to scale in the MEA market.
Several factors are driving the growth
of the Insurtech market in the MEA region. Firstly, the increasing smartphone
and internet penetration is enabling digital insurance platforms to reach
previously underserved populations. Mobile-based microinsurance solutions are
expanding, particularly in Africa, where traditional insurance penetration
remains below 3% in many countries. Secondly, government initiatives and
regulatory support are playing a crucial role. Countries like Saudi Arabia and
the UAE have implemented regulatory frameworks that encourage Insurtech
startups, while Africa is witnessing a rise in public-private partnerships
aimed at expanding insurance access.
The Insurtech market in MEA is evolving
with several key trends shaping its future. Embedded insurance solutions, where
coverage is bundled with purchases like travel bookings, e-commerce
transactions, or financial services, are gaining significant traction. This
model is particularly popular in Africa, where mobile network operators are
integrating microinsurance with airtime plans to expand access. Another major
trend is the rise of parametric insurance, which provides automated payouts
based on predefined triggers such as weather conditions or natural disasters.
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" Middle East and Africa Insurtech Market”
The Middle East
and Africa Insurtech Market is segmented into insurance type, service, and
company.
Based on the service,
Managed Services segment is the fastest-growing in the Middle East and Africa
(MEA) Insurtech market, driven by rising digital transformation, cloud
adoption, and the need for cost-effective, scalable insurance solutions.
Insurers are increasingly outsourcing IT infrastructure, cybersecurity, and
data analytics to Managed Service Providers (MSPs) to streamline operations and
enhance efficiency. The growing adoption of AI, blockchain, and big data
analytics in Insurtech further fuels demand for specialized managed services.
Additionally, stringent regulatory requirements and rising cyber threats are
pushing insurance firms to rely on managed security services, making Managed
Services the most dynamic and rapidly expanding segment in MEA Insurtech.
Based on country,
UAE is the fastest-growing country in the Middle East and Africa Insurtech
market, driven by strong government support, high digital adoption, and a
thriving fintech ecosystem. The UAE Insurance Authority and regulatory
sandboxes encourage innovation, while Vision 2031 aims to enhance financial
sector growth. Rising demand for health, motor, and cyber insurance, coupled
with AI-driven claims processing and blockchain-based policies, is accelerating
Insurtech adoption. The country’s high smartphone penetration and embedded
insurance models further fuel expansion. With increasing foreign investments
and Insurtech partnerships, the UAE is emerging as a regional leader in digital
insurance transformation.
Major companies
operating in Middle East and Africa Insurtech Market are:
- 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
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“The
Middle East and Africa Insurtech market is driven by rising digital adoption,
regulatory support, and increasing demand for personalized insurance solutions.
Governments in Saudi Arabia and the UAE are implementing fintech-friendly
policies, fostering innovation. Trends shaping the market include embedded
insurance, parametric insurance for climate risks, and blockchain integration
for enhanced security and transparency. Usage-based and on-demand insurance
models are gaining traction, especially in motor and health insurance.,” said
Mr. Karan Chechi, Research Director of TechSci Research, a research-based
management consulting firm.
“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”,
has evaluated the future growth potential of Middle East and Africa Insurtech
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the Middle East and Africa
Insurtech Market.
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