MENA: Saudi Arabia and the United Arab Emirates take the lead in the insurance market

Statistics released by the Arab Monetary Fund (AMF) indicate that the MENA region's insurance market turnover reached 50.8 billion USD in 2023, up by 9.2% on the 46.5 billion USD recorded in 2022.

The largest share is attributable to non-life premiums, which account for 81.2% of total turnover, compared with 18.8% for the life and pension activities.

The market is dominated by Saudi Arabia, which posted a turnover of 17.45 billion USD in 2023, equivalent to 34.4% of the overall portfolio. The Kingdom is followed by the United Arab Emirates, which account for 14.71 billion USD of written premiums, or 29% of the market share in 2023.