Business insurance

Report on Integrated Insurance Markets and Investment Opportunities in Africa and the Middle East, Q1 2022 Edition – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Business and Investment Opportunities in Integrated Insurance in Africa and the Middle East – Q1 2022 Update” report has been added to from ResearchAndMarkets.com offer.

The Africa and Middle East integrated insurance industry in the region is expected to grow by 40.2% on a yearly basis to reach US$2,329.0 million in 2022.

The integrated insurance industry is expected to grow steadily over the forecast period, registering a CAGR of 24.6% during the period 2022-2029. Integrated insurance revenue in the region will grow from US$2,329.0 million in 2022 to US$7,763.3 million by 2029.

The in-vehicle insurance market has gained popularity in the mobility sector

The Africa and Middle East region has seen significant growth in demand for integrated insurance by the mobility industry. Moreover, the in-vehicle insurance market has already passed the growth phase of the in-vehicle mobility insurance product life cycle and is now moving towards the maturity phase at a considerable pace. The market has seen many collaborations between carpooling, driver sharing and integrated insurers.

  • Uber (India) launched integrated in-vehicle insurance for its drivers and delivery partners across Saudi Arabia in 2018.

  • Additionally, in December 2019, UAE-based app Careem (subsidiary of Uber) launched en-route insurance for passengers and drivers in 15 cities. The insurance policy will cover up to $20,000 of expenses incurred due to death or serious injury sustained while on a Careem ride.

The developments mentioned above show that the mobility industry has been providing integrated insurance to its customers and drivers for years. Additionally, the market for electric mopeds and bicycles is growing rapidly owing to the surge in food and grocery delivery needs due to the Covid-19 pandemic. As a result, insurtech companies have been driven to capitalize on the expanding market for usage-based insurance for e-bike and moped fleets.

Market players are introducing new products with newly obtained funds. The launch of new products will help fleet companies by offering flexible and transparent integrated insurance options.

  • In August 2020, Israeli mobility insurance company Bambi Dynamic raised US$6 million led by MS&AD Ventures and backed by existing investor The Phoenix Insurance Company. The newly raised funds were used to improve its offerings in the mobility sector.

Growing number of new entrants expected to drive market expansion in Africa and Middle East

The number of new entrants is increasing and these companies are raising more and more funds in recent quarters.

  • In December 2021, Nigeria-based insurtech Octamile raised US$500,000 in pre-seed funding led by EchoVC Partners and participation from angel investors including Fiat Ventures, Kesho VC, Trade X, Verraki Partners, Dale Mathias, Kyle Daley. Octamile plans to use the funds to develop solutions for non-insurance businesses and enable them to integrate insurance as a feature into their pre-existing products.

  • In August 2021, Abu-Dhabi-based insurtech startup Hala raised US$5 million led by Entree Capital. It included participation from EQ2 Ventures, Global Founders Capital, Mubadala Investment Company, Hambro Perks Oryx Fund and 500 Startups.

A growing number of insurtech companies in the region are expected to provide the advanced insurance technologies and platforms to integrate insurance across various platforms.

Main topics covered:

All regional and national sections above follow the following table of contents covering 16 graphs and 12 tables for each country/region:

1 About this report

1.1 Summary

1.2 Methodology

1.3 Definitions of integrated assurance

1.4 Disclaimer

2 Revenue Trend Analysis of Integrated Insurance Industry, 2020-2029

3 Integrated Insurance Industry Market Size and Forecast by Insurance Type

3.1 Market Share Analysis by Insurance Type

3.2 Life Insurance Integrated Insurance Industry Revenue Trend Analysis, 2020-2029

3.3 Non-Life Insurance Integrated Insurance Industry Revenue Trend Analysis, 2020-2029

4 Integrated Insurance Industry Market Size and Forecast by End-Use Industry

4.1 Market Share Analysis by End-Use Industry Segments

4.2 Consumer Products Revenue Trend Analysis of Integrated Insurance Industry, 2020-2029

4.3 Travel and Hospitality Integrated Insurance Industry Revenue Trend Analysis, 2020-2029

4.4 Motor Vehicle Insurance Industry Revenue Trend Analysis – Embedded Insurance, 2020-2029

4.5 Healthcare – Integrated Insurance Industry Revenue Trend Analysis, 2020-2029

4.6 Real Estate – Integrated Insurance Industry Revenue Trend Analysis, 2020-2029

4.7 Transportation & Logistics Integrated Insurance Industry Revenue Trend Analysis, 2020-2029

4.8 Others – Integrated Insurance Revenue Trend Analysis, 2020-2029

5 Integrated Insurance Industry Market Size and Forecast by Offering Type

5.1 Analysis of market shares by type of offer

5.2 Product-Based Insurance – Revenue Trend Analysis of Integrated Insurance Industry, 2020-2029

5.3 Service-Based Insurance – Revenue Trend Analysis of Integrated Insurance Industry, 2020-2029

6 Further reading

For more information on this report, visit https://www.researchandmarkets.com/r/qfg9tf