The consulting firm Alpen Capital is expecting a five-year average annual increase of 5.3% in the global turnover of insurance companies operating in the Gulf Cooperation Council (GCC) countries. The premium volume would jump from 34.3 billion USD in 2023 to 44.4 billion USD in 2028.
Non-life premiums would show a 5.4% progression to 39.6 billion USD in 2028. For their part, life premiums would reach 4.8 billion USD, representing a 4% increase over five years.
The sector's development would be underpinned by resilient economic growth, a growing population, higher demand for life and health products, and ongoing infrastructure projects.
By way of reminder, based on the volume of premiums written, Saudi Arabia has outperformed the United Arab Emirates to become the market leader in 2022 (14 208 766 000 USD for the former against 12 849 728 000 USD for the latter). Alpen Capital believes that the Kingdom will maintain its leading position among insurance companies in the GCC region over the next few years.
Read also | GCC insurance market: 2022 turnover [4]