The Middle East and Africa (MEA) region offers a strong potential in insurance and, specifically insurtech. An overview of the insurance industry was highlighted at the recent Fintech Times Fintech: Middle East and Africa 2021 Report, where it had an overview of the current state of insurance as a whole across the Middle East – from North Africa to the Gulf Cooperation Council (GCC) to Israel and Turkey. The insurance premiums market in the Middle East and North Africa (MENA) stood at $57 billion in 2018 according to Atlas. Other notable Middle Eastern regional insurance companies include Saudi Arabia’s Walaa, Salama and Malath, and Al Rajihi Takaful, UAE’s Daman Health, Oman Insurance Co, Orient Insurance, Al Ain Al Ahlia, Emirates Insurance and Takaful Emarat, Egypt’s Misr Insurance, Kuwait’s Gulf Insurance Group and Al Ahleia Insurance, Oman’s National Life Insurance, Algeria’s CAAT and Bahrain’s Bahrain Kuwait Insurance – to name a few. In terms of multinationals with a presence in the Middle East, the list includes the likes of: Bupa (which also has an associate business in Saudi Arabia called Bupa Arabia), Cigna (which has Cigna Middle East), Allianz, Aetna, Munich RE, Zurich (which has Zurich Middle East), Metlife – to name a few.

Source: The North Africa Journal May 08, 2021 14:03 UTC