GCC Insurers Focus on Cyber Coverage Amid Geopolitical Tensions

The GCC insurance industry is projected to grow, with gross written premiums (GWP) expected to reach $61.8 billion by 2030, reflecting a CAGR of 4.9% from 2025. The non-life insurance segment is anticipated to expand at a CAGR of 5.2%, driven by population growth and mandatory insurance lines. Geopolitical risks, climate-related events, and rising claims costs are increasing demand for risk-related insurance products, particularly in cyber insurance. The UAE is identified as a key growth engine, fueled by digital transformation and a surge in health and specialty insurance products. Despite growth, the sector faces challenges such as low insurance penetration rates and high operational costs. The fragmented market structure and geopolitical instability may impact premium growth in certain segments. Insurers are expected to focus on mergers and acquisitions to enhance market positioning and operational scale.

Key Points: • GCC insurance GWP projected to reach $61.8 billion by 2030, growing at 4.9% CAGR. • Non-life insurance segment expected to grow at 5.2%, driven by population and mandatory insurance. • Increased demand for cyber insurance due to geopolitical risks and climate-related events.