GCC Insurance Industry poised for accelerated growth in the next five years, forecasts Alpen Capital

GCC Insurance Industry poised for accelerated growth in the next five years, forecasts Alpen Capital

DUBAI – UAE-based investment banking advisory firm, Alpen Capital projects the gross written premium (GWP) of the region to grow at a CAGR of 5.3% reaching US$ 44.4 billion by 2028, in its latest GCC Insurance Industry report. The non-life insurance segment is anticipated to grow at a CAGR of 5.4% between 2023 and 2028 reaching US$ 39.6 billion, comprising 89.2% of the region's GWP by 2028. The report provides a comprehensive overview of the GCC insurance sector, outlining recent trends, growth drivers and challenges. It also profiles select insurance companies in the region. The report was launched over a webinar followed by a panel discussion featuring Fareed Lutfi, Secretary General, Emirates Insurance Association and Gulf Insurance Federation; Sunil Kohli, Chief Executive Officer, Dhofar Insurance Co.; and Krishna Dhanak, Managing Director, Alpen Capital. Hameed Noor Mohamed, Managing Director, Alpen Capital moderated the discussion. “The GCC insurance industry has grown consistently in recent years, propelled by the economic rebound following the COVID-19 slowdown and the successful implementation and advancement of mandatory health insurance across GCC countries. This positive trajectory is expected to accelerate in the long term, fueled by sustained economic diversification initiatives, population growth, and substantial infrastructure development within the