The Top 15 Insurance Companies in The Middle East and Africa

The Top 15 Insurance Companies in The Middle East and Africa

The global digital transformation of insurance has seen insurtech grow in importance . Given the diversity of MEA, and its various economic development levels, adoptions and advancements of insurtech varies. Similarly, regions mainly in the GCC and Israel are more advanced than other MEA counterparts. According to research from data platform MAGNiTT , $26million was ploughed into MENA-based insurtech startups in 2019 – the highest amount in any year in recorded history. The insurance premiums market in MENA stood at $57billion in 2018, providing a large addressable market for insurtech startups, according to Atlas. From Zawya, most low-income migrant workers were not insured at 79 per cent. The same research by MAGNiTT also highlighted that the top five funded insurtech companies were all based in the UAE. Therefore, in the Middle East, the success of the UAE presents more opportunities for insurance and insurtech to grow. Even within the UAE, where the majority of low-income workers are not insured, potential insurtech solutions could help close those gaps. Africa is generally less developed than more advanced economies and this is reflected in the insurance industry where penetration is some of the world’s lowest, according to a report from Deloitte. For example,