Middle East & Africa Life Insurance Market Size & Outlook
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MEA life insurance market highlights
- The MEA life insurance market generated a revenue of USD 78,599.3 million in 2020.
- The market is expected to grow at a CAGR of 1.1% from 2021 to 2027.
- In terms of segment, whole life insurance was the largest revenue generating product in 2020.
- Universal Life Insurance is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, South Africa is expected to register the highest CAGR from 2021 to 2027.
MEA data book summary
| Market revenue in 2020 | USD 78,599.3 million |
| Market revenue in 2027 | USD 84,888.5 million |
| Growth rate | 1.1% (CAGR from 2020 to 2027) |
| Largest segment | Whole life insurance |
| Fastest growing segment | Universal Life Insurance |
| Historical data covered | 2016 - 2019 |
| Base year for estimation | 2020 |
| Forecast period covered | 2021 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Whole Life Insurance, Term Life Insurance, Universal Life Insurance, Variable Universal Life Insurance |
| Key market players worldwide | MetLife Inc, Prudential Financial Inc, American International Group Inc, Lincoln National Corp, John Hancock Asset-Based Lending I, China Life Insurance Co Ltd Class H |
Other key industry trends
- In terms of revenue, MEA region accounted for 7.5% of the global life insurance market in 2020.
- Globally, North America is projected to lead the regional market in terms of revenue in 2027.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 257,885.7 million by 2027.
Key Regions: U.S. , UK , Brazil , South Africa , Canada
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Life Insurance Market Scope
Life Insurance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| China Life Insurance Co Ltd Class H | View profile | 100000 | No. 16, Financial Street, Xicheng District, Beijing, China, People's Republic of, 100033 | https://www.e-chinalife.com |
| John Hancock Asset-Based Lending I | View profile | - | - | - |
| Lincoln National Corp | View profile | 11024 | 150 North Radnor-Chester Road, Suite A305, Radnor, PA, United States, 19087 | https://www.lincolnfinancial.com |
| Prudential Financial Inc | View profile | 40658 | 751 Broad Street, Newark, NJ, United States, 07102 | https://www.investor.prudential.com |
| MetLife Inc | View profile | 45000 | 200 Park Avenue, New York, NY, United States, 10166-0188 | https://www.metlife.com |
| American International Group Inc | View profile | 25200 | 1271 Avenue of the Americas, New York, NY, United States, 10020 | https://www.aig.com |
Middle East & Africa life insurance market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to life insurance market will help companies and investors design strategic landscapes.
Whole life insurance was the largest segment with a revenue share of 34.09% in 2020. Horizon Databook has segmented the Middle East & Africa life insurance market based on whole life insurance, term life insurance, universal life insurance, variable universal life insurance covering the revenue growth of each sub-segment from 2016 to 2027.
Life insurance in the MEA region remains a tough sell. Countries in the region are expressing interest in risk mitigation through insurance due to demographic changes and economic growth. As per the Reinsurance Group of America, there is increased awareness about the importance of life insurance across the Middle East markets.
An increased interest has been seen from citizens of the Gulf Cooperation Council in supplemental products & individual retirement plans. However, the high cost of living and slow economic growth are reducing disposable incomes, which in turn is affecting the sales of life insurance policies.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Middle East & Africa life insurance market, including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa life insurance market from 2016 to 2027, including revenue numbers, major trends, and company profiles.
Partial client list
MEA life insurance market size, by country, 2016-2027 (US$M)
Middle East & Africa Life Insurance Market Share, 2020 & 2027 (US$M)
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