Property Insurance Industry Outlook in Middle East and Africa in 2022

GlobalData’s ‘Property Insurance Industry Outlook in the Middle East and Africa in 2022’ report provides a comprehensive overview of the Middle East and Africa property insurance industry.

• This report provides the market size of the property insurance industry in the Middle East and Africa region.

• Middle East and Africa property insurance grew at a CAGR of 1.7% during the review period (2016-20).

• The report provides details on the market size of property insurance premiums for the 20 largest markets in the Middle East and Africa region along with their profitability ratios.

• South Africa is the largest market accounting for 26% of the region’s property insurance premiums in 2020. Oman recorded the highest loss ratio in the region in 2020.

• The regional industry reported notable developments in parametric insurance and risk-based insurance modeling and premium pricing. The report provides an insight into key trends, the impact of climate change, technology developments, and potential disruptors in the property insurance industry.

• The report discusses the impact of COVID-19 on the industry as well as other challenges that impacted the property insurance industry in the Middle East and Africa region. In South Africa, business interruption-related claims remained a key contesting point for insurers. As of July 2020, pandemic-related claims worth up to ZAR4 billion ($232 million) have been rejected. Some insurers have appealed to the court that business interruption claims due to lockdowns were not covered in the interruption policies.

• The report throws light on the regulatory requirements in the region including licensing rules, capital requirements, taxation regime, and ownership quotas.

• The report also highlights recent M&As in the Middle East and Africa’s property insurance industry.

Download our free report for more detailed insights.