Latest news with #motorinsurance
The Independent
2 days ago
- Business
- The Independent
Over-50s ‘benefiting most' from falls in quoted car insurance prices
Quoted prices for car insurance have fallen by 10.8% over the past year but there are signs that the decrease could be slowing, according to an index. The research also indicated that the over-50s have benefited the most from price falls, with average quoted premiums for this age group falling by 16% over the past year while those aged 25 to 49 saw average prices fall by 9.7% and the under-25s experienced falls of 3.4%. The general trend across Britain was for quoted prices to decrease year-on-year, ranging from a 21.1% typical price fall in Wales to a fall of just 0.2% in London. The figures were compiled by financial services insights provider Consumer Intelligence, which looked at averages of the cheapest premiums on price comparison websites. London was the only region to record an increase in quoted premiums in the past three months at 2% but three other areas – Scotland, the East Midlands and West Midlands – recorded only marginal falls of 0.6% while the North East saw a 0.8% decrease. The most common quotes were for between £250 and £499, with 26% of quotes falling in this range, and 23% being between £500 and £749. Max Thompson, insurance insight manager at Consumer Intelligence, said: 'There was more stability in the motor market between February and April.' He said that 'competition remains strong' despite some signs of competitive premiums falling at a slower rate or even rising slightly month-on-month in April. The proportion of the top quotes that are from providers of telematics policies, which reward good driving behaviour, has remained stable in recent months, the report said. Here are the annual decreases in quoted car insurance prices in April 2025 followed by the three-month change, according to Consumer Intelligence: London, minus 0.2%, 2.0% Scotland, minus 6.0%, minus 0.6% North West, minus 8.9%, minus 2.7% East Midlands, minus 9.9%, minus 0.6% South East, minus 11.2%, minus 1.5% North East, minus 11.5%, minus 0.8% South West, minus 13.1%, minus 3.2% Eastern England, minus 13.8%, minus 2.2% West Midlands, minus 13.8%, minus 0.6% Yorkshire and the Humber, minus 14.7%, minus 2.1% Wales, minus 21.1%, minus 4.2%
Yahoo
3 days ago
- Automotive
- Yahoo
Middle East and Africa Motor Insurance Market Forecast 2025-2030 by Coverage, Vehicle Age, Application, Distribution Channel and Country
Opportunities include leveraging InsurTech innovations, expanding usage-based insurance, and catering to increasing demand for EV-specific and comprehensive policies amidst enhanced regulatory reforms. Dublin, June 02, 2025 (GLOBE NEWSWIRE) -- The "Middle East and Africa Motor Insurance Market, By Country, Competition, Forecast and Opportunities, 2020-2030F" has been added to offering. The Middle East and Africa Motor Insurance Market was valued at USD 44.88 Billion in 2024 and is expected to reach USD 66.47 Billion by 2030, rising at a CAGR of 6.76%. The market is expanding due to rising vehicle ownership, regulatory mandates, and increasing road traffic risks. Governments in countries like Saudi Arabia, the UAE, and South Africa have implemented compulsory motor insurance laws, driving market growth. The surge in digital insurance platforms and telematics-based policies is transforming the industry, offering personalized premiums based on driving behavior. Key Market Drivers Regulatory Mandates and Government Policies The enforcement of compulsory motor insurance laws across several countries in the Middle East and Africa is a primary driver of market growth. Countries such as Saudi Arabia, the UAE, South Africa, and Egypt have implemented strict regulations requiring vehicle owners to obtain at least third-party liability coverage. In Saudi Arabia, for example, the Saudi Central Bank (SAMA) has mandated motor insurance for all registered vehicles, with significant penalties for non-compliance. Similarly, the UAE's Insurance Authority enforces strict motor insurance guidelines under Federal Law No. 6 of 2007, making third-party liability insurance mandatory. South Africa operates under the Road Accident Fund (RAF) system, providing compensation to road accident victims, indirectly influencing the uptake of insurance policies. Governments are promoting digital platforms for policy registration and claim processing, increasing transparency and efficiency. Insurers are expected to comply with regulatory frameworks that frequently evolve, especially with the introduction of InsurTech solutions, anti-fraud measures, and data-driven risk assessments. These regulatory developments not only drive demand for motor insurance but also push companies to innovate and offer more comprehensive, customized coverage plans. Rising Vehicle Ownership and Urbanization Rapid urbanization and growing disposable incomes in Middle Eastern and African countries have led to increased vehicle ownership, boosting demand for motor insurance. Countries like the UAE, Saudi Arabia, and South Africa have witnessed a surge in car sales due to expanding middle-class populations and government investments in road infrastructure. In 2023, the Kingdom of Saudi Arabia experienced a substantial increase in car imports, rising to 93,300 vehicles from 66,900 the previous year. Meanwhile, Egypt, Nigeria, and Kenya are experiencing rising car ownership due to growing economies and increased availability of vehicle financing options. High congestion levels in major cities such as Dubai, Riyadh, Cairo, and Johannesburg contribute to greater accident risks, making insurance essential for financial protection. The influx of electric vehicles (EVs) and hybrid models has also expanded the scope of specialized insurance policies tailored for modern vehicle technology. As urban populations grow and more individuals purchase cars, demand for motor insurance will continue its upward trajectory, ensuring protection against liabilities and vehicle damages. Technological Advancements and InsurTech Growth The digital transformation of the insurance sector, driven by InsurTech innovations, telematics, and AI-driven solutions, is significantly reshaping the motor insurance market in the Middle East and Africa. Insurers are increasingly adopting telematics-based insurance, which uses GPS and sensor-based tracking to monitor driving behavior, allowing for usage-based insurance (UBI) models. Companies such as AXA, RSA, and local insurers in the UAE and South Africa integrate AI-powered risk assessment tools to offer personalized insurance premiums. The rise of digital insurance platforms, mobile apps, and blockchain technology has made it easier for customers to purchase policies, renew coverage, and file claims seamlessly. The UAE's insurance sector, for example, has seen a significant rise in online policy purchases, with digital-first insurers gaining market share. In South Africa, companies like Discovery Insure use telematics to reward safe driving, reducing accident rates and enhancing customer engagement. Artificial intelligence and machine learning help insurers detect fraudulent claims, a major concern in the region. The combination of digital transformation, InsurTech startups, and data analytics-driven underwriting is improving operational efficiency, making insurance more accessible and affordable for a broader customer base. Increasing Road Accidents and Theft Rates The growing incidence of road accidents and vehicle theft across Middle Eastern and African countries is another major factor driving demand for motor insurance. In Africa, the World Health Organization (WHO) estimates that road traffic accidents cause over 250,000 deaths annually, making it one of the deadliest regions for road safety. Countries such as Nigeria, Kenya, and South Africa report high accident rates due to poor road infrastructure, lack of enforcement of traffic laws, and unsafe driving practices. South Africa, in particular, experiences significant road fatalities and carjackings, prompting many vehicle owners to invest in comprehensive insurance policies. In the Middle East, increased vehicle density and high-speed road networks, especially in countries like the UAE and Saudi Arabia, contribute to frequent accidents. Dubai alone reported over 1,800 road accidents in 2023, reinforcing the necessity for robust insurance coverage. Additionally, car theft remains a growing concern, particularly in African nations where stolen vehicles are often trafficked across borders. The rising financial risks associated with accidents, theft, and vehicle damage continue to push consumers and businesses toward comprehensive motor insurance, ensuring adequate financial protection against unforeseen events. Key Market Challenges Low Insurance Penetration and Awareness One of the biggest challenges facing the motor insurance market in the Middle East and Africa is the low penetration rate, particularly in several African countries. Despite regulatory mandates in some nations, a large proportion of vehicle owners either do not purchase insurance or only opt for the minimum legally required third-party liability coverage. In Africa, motor insurance penetration remains below 3% in many countries due to a lack of awareness, economic constraints, and general distrust in insurance companies. Many drivers perceive motor insurance as an unnecessary expense rather than a financial safeguard, leading to widespread non-compliance. In Nigeria, for example, the National Insurance Commission (NAICOM) estimates that over 70% of vehicles on the road are uninsured, despite laws requiring mandatory coverage. Similarly, informal and unregulated insurance markets thrive in some regions, offering low-cost policies that often fail to provide adequate coverage. The challenge is compounded by inadequate enforcement mechanisms, with authorities struggling to ensure compliance due to a lack of proper vehicle registration systems. Insurance companies must invest heavily in public awareness campaigns and digital outreach strategies to educate consumers on the benefits of motor insurance, while governments need to enhance regulatory enforcement to boost compliance rates. High Claims Fraud and Regulatory Inefficiencies Fraudulent claims and weak regulatory enforcement pose significant challenges for motor insurance providers across the Middle East and Africa. Insurance fraud, including staged accidents, inflated repair costs, and falsified claims, leads to massive financial losses for insurers, ultimately driving up premium costs for consumers. In South Africa, the South African Insurance Crime Bureau (SAICB) estimates that insurance fraud costs the industry billions of rand annually, with motor insurance being one of the most affected segments. Similarly, in the UAE and Saudi Arabia, fraudulent claims have become a growing concern, prompting insurers to adopt AI-driven fraud detection measures. However, many insurance markets in Africa lack the technological infrastructure and data-sharing mechanisms needed to combat fraud effectively. Additionally, regulatory inefficiencies in certain countries create an environment where fraudulent activities can go unchecked. Some nations have slow and bureaucratic claims settlement processes, leading to customer dissatisfaction and an erosion of trust in the insurance sector. Moreover, inconsistent regulatory frameworks across different countries create hurdles for international insurance companies operating in the region. Addressing these challenges requires enhanced data analytics, AI-based fraud detection systems, cross-border regulatory collaboration, and stricter enforcement of insurance laws to ensure market stability. Economic Instability and Currency Fluctuations Economic instability, inflation, and currency fluctuations significantly impact the growth and profitability of the motor insurance sector in the Middle East and Africa. Many African nations experience high inflation rates, reducing consumers' disposable incomes and making insurance coverage unaffordable for a large portion of the population. For example, in Nigeria and Ghana, inflation has driven up vehicle maintenance costs, making comprehensive motor insurance less attractive to consumers who prioritize immediate expenses over long-term financial protection. Additionally, volatile exchange rates in several African and Middle Eastern economies create challenges for insurers that rely on imported vehicle spare parts and repair services. The depreciation of local currencies against the U.S. dollar or euro results in higher claims settlement costs, forcing insurers to adjust premium rates frequently. This economic volatility discourages long-term investments in the insurance sector and limits the ability of insurers to expand their customer base. In the Middle East, although economies like the UAE and Saudi Arabia are relatively stable, oil price fluctuations impact economic growth, influencing consumer spending patterns, including insurance purchases. To mitigate these challenges, insurers must develop localized pricing strategies, introduce microinsurance options, and leverage partnerships with financial institutions to offer flexible premium payment plans. Key Market Trends Growth of Digital and InsurTech Solutions The adoption of digital platforms and InsurTech solutions is transforming the motor insurance market in the Middle East and Africa, making policies more accessible and efficient. Insurers are increasingly leveraging artificial intelligence (AI), big data analytics, and blockchain to streamline policy issuance, risk assessment, and claims processing. In the UAE, leading insurers such as AXA and RSA are integrating digital underwriting and AI-powered fraud detection to enhance operational efficiency. South African insurers like Discovery Insure have introduced telematics-based usage-based insurance (UBI), allowing customers to pay premiums based on their driving behavior. Mobile-first insurance models are gaining popularity in African nations, where smartphone penetration is high but traditional banking and insurance infrastructure remains limited. Companies like BIMA and aYo use mobile technology to offer microinsurance plans, making it easier for vehicle owners to obtain coverage via mobile payments. Additionally, blockchain technology is improving transparency in claims processing, reducing fraud, and enhancing trust between insurers and customers. The trend toward digitalization is expected to continue, with more insurance companies investing in AI-driven chatbots, automated claims settlement, and cloud-based policy management to improve customer experiences and expand market penetration. Expansion of Usage-Based and Pay-As-You-Drive Insurance The increasing demand for flexible and personalized insurance solutions has led to the rise of usage-based insurance (UBI) and pay-as-you-drive (PAYD) models across the Middle East and Africa. These policies, which leverage telematics devices or mobile apps to track real-time driving behavior, offer lower premiums for safe drivers and encourage responsible driving habits. In South Africa, Discovery Insure's Vitality Drive program rewards drivers with lower premiums and fuel discounts based on their driving scores. Similarly, UAE-based companies like Tokio Marine and Oman Insurance are experimenting with telematics-driven PAYD models, particularly for younger drivers who face higher traditional insurance costs. The growing adoption of electric vehicles (EVs) and ride-hailing services has further fueled interest in these flexible insurance plans, as they provide more cost-effective options for low-mileage drivers. Additionally, partnerships between insurers and automotive companies are increasing, with vehicle manufacturers integrating telematics devices into new models to facilitate data-driven insurance pricing. As technology adoption increases, more insurers in Africa and the Middle East are expected to offer UBI and PAYD policies, aligning premiums with actual vehicle usage and driving patterns to attract a broader customer base. Rising Demand for Comprehensive and EV-Specific Insurance The shift toward electric vehicles (EVs) and luxury automobiles in the Middle East and Africa has created a growing demand for specialized motor insurance products. With government initiatives promoting EV adoption-such as Saudi Arabia's Vision 2030 and the UAE's Green Mobility Program-insurers are developing tailored coverage options to address the unique risks associated with EVs, including battery replacement, charging station damage, and software-related issues. Tesla and other EV manufacturers have partnered with local insurers in markets like Dubai to offer comprehensive insurance solutions that cater to EV owners' needs. In Africa, where fuel prices and environmental concerns are driving demand for hybrid and electric vehicles, insurers are beginning to introduce policies that cover EV-specific repair costs and specialized maintenance requirements. Additionally, luxury car owners in high-net-worth regions like the UAE and Saudi Arabia are demanding premium insurance plans with added benefits such as roadside assistance, international coverage, and high-value theft protection. As consumer preferences shift toward high-end and sustainable mobility solutions, insurers are expanding their product portfolios to offer more comprehensive and customized policies, catering to both traditional and emerging vehicle segments. Regulatory Reforms and Strengthened Compliance Measures Governments across the Middle East and Africa are implementing stricter regulatory reforms to enhance compliance and transparency in the motor insurance sector, shaping market trends and improving consumer protection. In Saudi Arabia, the Saudi Central Bank (SAMA) has introduced measures to enforce real-time vehicle insurance verification, reducing uninsured driving rates and improving policy compliance. Similarly, the UAE's Insurance Authority has mandated the digital integration of insurance databases with traffic departments to streamline policy enforcement and fraud detection. In Africa, countries like Nigeria and Kenya are strengthening motor insurance regulations by introducing digital insurance platforms and expanding the reach of compulsory third-party liability insurance. The push for regulatory standardization is also driving greater international collaboration, with insurance associations working to harmonize compliance requirements across borders. Additionally, anti-fraud initiatives, such as AI-powered claim verification and biometric policyholder authentication, are being adopted to minimize fraudulent activities and ensure fair pricing. These regulatory developments are expected to create a more structured and reliable motor insurance market, encouraging higher penetration rates and fostering consumer trust in the industry. Segmental Insights Vehicle Age Insights: The new vehicle insurance segment was the fastest-growing in the Middle East and Africa motor insurance market, driven by increasing vehicle sales, rising disposable incomes, and government regulations mandating insurance for newly registered cars. Countries like Saudi Arabia, the UAE, and South Africa are witnessing a surge in SUVs, electric vehicles (EVs), and luxury car purchases, boosting demand for comprehensive insurance policies. Additionally, automakers and dealers are partnering with insurers to offer bundled coverage with new car sales. As digital platforms and telematics-based pricing gain traction, insurers are focusing on customized and technology-driven policies, further accelerating the segment's growth. Country Insights: Saudi Arabia dominated the Middle East and Africa motor insurance market, driven by its large vehicle population, strict regulatory enforcement, and high insurance penetration. With over 12 million registered vehicles, the country has a well-regulated insurance sector, overseen by the Saudi Central Bank (SAMA), ensuring compliance with mandatory motor insurance laws. Additionally, rising disposable incomes and increasing sales of luxury cars and electric vehicles (EVs) are fueling demand for comprehensive policies. The government's digital initiatives, such as real-time insurance verification systems, further strengthen the market. As a result, Saudi Arabia remains the most influential player in the regional motor insurance industry. Key Players Profiled in the Middle East and Africa Motor Insurance Market Momentum Group QIC Group Allianz SE Sukoon Insurance PJSC Abu Dhabi National Insurance Company (ADNIC) Gulf Insurance Group Hollard Life Assurance Company Ltd. MS&AD Insurance Group Holdings National Takaful Company PJSC Auto & General Insurance Company Limited Report Scope In this report, the Middle East and Africa Motor Insurance Market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below: Middle East and Africa Motor Insurance Market, By Coverage: Liability Coverage Collision Coverage Comprehensive Insurance Others Middle East and Africa Motor Insurance Market, By Vehicle Age: New Vehicle Old Vehicle Middle East and Africa Motor Insurance Market, By Application: Commercial Vehicle Personal Vehicle Middle East and Africa Motor Insurance Market, By Distribution Channel: Insurance Agents/Brokers Direct Response Banks Others Middle East and Africa Motor Insurance Market, By Country: Saudi Arabia UAE Egypt Qatar Oman South Africa Turkey Nigeria Rest of Middle East & Africa Key Attributes Report Attribute Details No. of Pages 134 Forecast Period 2024-2030 Estimated Market Value (USD) in 2024 $44.88 Billion Forecasted Market Value (USD) by 2030 $66.47 Billion Compound Annual Growth Rate 6.7% Regions Covered Africa, Middle East For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Malay Mail
4 days ago
- Automotive
- Malay Mail
Grab gears up to enter Singapore's motor insurance game
SINGAPORE. June 2 — GrabInsure, the insurance arm of the ride-hailing giant Grab, is preparing to roll out its own motor insurance offerings in Singapore, The Straits Times (ST) reported today. According to ST, the company took a key step in May by joining the General Insurance Association (GIA), having secured a general insurance licence from the Monetary Authority of Singapore (MAS) late last year. Since then, Grab has quietly been building up a motor insurance team, with recent job listings and recruitment activity pointing to an imminent market debut. A job advertisement reviewed by ST showed GrabInsure is seeking a lead in motor claims to drive its claims strategy, profitability and systems development. The role, based at the firm's one-north campus, will work with its Operational Product Technology team to build a motor claims system from scratch. Grab is also reportedly working with headhunters to hire actuaries and underwriters, with interviews already under way. When approached, a Grab spokesman confirmed that the company is 'in the early stages of exploring motor insurance products, alongside other propositions'. She added that the offerings are being developed to meet the needs of its driver-partners, and that the company 'will share further updates as plans develop'. Grab's entry into the motor insurance sector comes as no surprise to some in the industry, given its existing foothold in the insurance space. The company launched its first consumer insurance product in 2020 through a partnership with Chubb, offering travel insurance via its app. It has since added personal accident coverage, also underwritten by Chubb. Industry observers told ST the next step into motor insurance is a strategic one. 'The ability to have mass outreach via the Grab app to hundreds of thousands of consumers simultaneously trumps any marketing and distribution channels available to incumbents like Income,' said one veteran insider, who declined to be named. 'Grab will not need to spend on commissions or marketing — known as 'acquisition costs' — giving it a major cost advantage.' According to data from the Land Transport Authority (LTA), Singapore had 90,383 private-hire cars at the end of 2024 — a potential captive market for GrabInsure's offerings. Income Insurance currently leads the motor insurance segment with S$92.3 million (RM304.6 million) in gross written premiums in Q1 2025, capturing a 25 per cent market share.
Yahoo
27-05-2025
- Automotive
- Yahoo
Saudi Arabia Motor Insurance Market Report 2025: Fierce Competition Squeezes Margins, Customization and Innovation Key to Standing Out - Competitive Landscape, Forecasts and Opportunities to 2030
The Saudi Arabia motor insurance market offers key opportunities driven by rising vehicle ownership, mandatory insurance regulations, and increased awareness about insurance benefits. The surge in digital platforms for purchasing insurance and preference for bundled policies alongside economic and urban growth are also fueling market expansion. Saudi Arabian Motor Insurance Market Dublin, May 27, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Motor Insurance Market, By Region, Competition, Forecast and Opportunities, 2020-2030F" has been added to Saudi Arabia Motor Insurance Market was valued at USD 4.05 billion in 2024, and is expected to reach USD 5.32 billion by 2030, rising at a CAGR of 5.15%. The market is driven by increasing vehicle ownership due to the country's growing population and economic development, which contributes significantly to the demand for motor insurance. Rising awareness about the importance of having insurance coverage for financial protection against accidents and damages is fostering market growth. Government regulations, including mandatory third-party insurance for vehicles, also play a crucial role in expanding the market. The rise of digital platforms for purchasing insurance and the shift towards comprehensive coverage options fuel market expansion. The demand for higher-quality services, coupled with a growing emphasis on road safety, is expected to continue to drive the market in the coming years. Rising Vehicle Ownership Across the Region Rising vehicle ownership across Saudi Arabia is a significant driver of the motor insurance market. As the country's population continues to grow and urbanization expands, there is a steady increase in the number of vehicles on the road. This trend is supported by economic development, a growing middle class, and an improving standard of living. With more individuals and families able to afford vehicles, the demand for motor insurance rises, as people seek financial protection against potential accidents, damage, and theft. Government initiatives to enhance infrastructure and promote road safety have contributed to higher vehicle ownership. The ease of access to financing options and vehicle loans has made it simpler for consumers to purchase vehicles, leading to a larger car-owning population. As more vehicles are on the roads, the risk of accidents increases, further boosting the need for comprehensive motor insurance coverage. Insurers are increasingly focusing on innovative solutions, competitive pricing, and customer-centric services to meet growing demand. Growing Road Accidents The growing number of road accidents in Saudi Arabia is a significant driver of the motor insurance market. As vehicle ownership continues to rise, the frequency of accidents, from minor collisions to severe crashes, is increasing. This escalation in road incidents is attributed to factors such as high-speed driving, distracted driving, and varying road conditions, contributing to potential accidents. This growing concern over road safety has heightened consumer awareness of the importance of motor insurance. As accidents become more frequent, individuals and businesses increasingly seek comprehensive insurance coverage to protect against financial losses from damages, injuries, or liability claims. Insurance providers are offering diverse products to meet rising demand, and government initiatives aimed at improving road safety and enforcing stricter traffic regulations further raise awareness about the need for insurance. Rapid Urbanization & Rising Economic Growth Rapid urbanization and rising economic growth in Saudi Arabia are key drivers of the motor insurance market. As of 2023, the fraction of Saudi Arabia's urban population remained stable at 84.95 percent. As urban areas expand and the population grows, demand for vehicles surges, particularly in cities like Riyadh and Jeddah, contributing directly to the need for motor insurance. Urbanization has led to the development of modern infrastructure and road networks, facilitating vehicle usage and demand for insurance products. The rising economic growth has enhanced consumers' purchasing power, allowing more individuals to invest in vehicles. As of 2023, Saudi Arabia's economy rose at an average annual rate of 2.6% over the last four years, making it Asia-Pacific's eighth largest economy. With a growing middle class and increased disposable income, more people can afford cars, driving up demand for insurance coverage. Lack of Awareness Among Consumers A significant challenge in the Saudi Arabia motor insurance market is the lack of awareness among consumers about the importance and benefits of insurance coverage. Many individuals still view motor insurance as an unnecessary expense rather than essential financial protection. This lack of awareness is often attributed to limited knowledge about coverage types, legal requirements, and the long-term financial security motor insurance provides in case of accidents or damage. Insurers must invest in education and awareness campaigns to highlight the importance of adequate motor insurance coverage. Without proper understanding, consumers may opt for the cheapest or most basic policies, leaving them vulnerable in the event of an accident. Intense Competition Among Key Players Intense competition among key players is a significant challenge in the Saudi Arabia motor insurance market. As demand grows due to rising vehicle ownership and economic development, numerous companies enter the market, leading to fierce price wars and reduced profit margins. Insurers focus on customer service, product customization, and innovative solutions to stand out. Competitive pressure results in reduced premiums, which benefits consumers but strains profitability for insurance companies. Insurers must invest in marketing, technology, and claims management to enhance customer satisfaction and retention, further increasing operational costs. Insurance providers must innovate, improve customer experiences, and adopt efficient technologies to stay competitive in this fast-evolving market. Technological Advancement Across the Region Technological advancements are transforming the Saudi Arabia motor insurance market. The increasing adoption of digital platforms enables insurers to offer more convenient, customer-centric services, allowing consumers to easily compare, purchase, and manage policies online. This digitalization streamlines the insurance process, making it faster, more transparent, and efficient. The rise of telematics and usage-based insurance (UBI) is gaining traction, with telematics devices tracking driving behavior, allowing insurers to offer personalized policies based on individual driving habits. AI and data analytics play a major role in claims management and fraud detection, helping insurers improve operational efficiency and reduce costs. Rising Adoption of Online Platforms The rising adoption of online platforms is driving growth in the Saudi Arabia motor insurance market. As consumers increasingly embrace digital solutions, demand for online platforms to purchase, compare, and manage motor insurance policies surges. Digital channels offer convenience, speed, and accessibility, allowing consumers to easily compare premiums, coverage options, and insurers. Growing Demand for Bundled Policies The growing demand for bundled policies is a notable trend in the Saudi Arabia motor insurance market. Consumers increasingly seek comprehensive insurance packages that combine various coverage types into a single policy. This trend is driven by convenience, cost savings, and broader protection. Bundled policies typically combine motor insurance with other coverage types, such as home, health, or life insurance. Insurers offer attractive discounts and added benefits for bundled packages, simplifying the insurance process and reducing paperwork. As businesses expand vehicle fleets, demand for fleet insurance bundled with other business-related coverage rises, driven by increased focus on financial protection and risk management. Distribution Channel Insights Agents/Brokers dominate the Saudi Arabia Motor Insurance market, playing a pivotal role in connecting consumers with insurers. These intermediaries provide personalized services, guiding customers through complex insurance options and helping them choose the best policies based on their needs and budget. Brokers have a wide network of insurance providers, offering varied coverage options. While digital platforms grow in popularity, agents and brokers remain essential for their expertise, local knowledge, and tailored advice. Their relationships with customers foster trust, crucial in the competitive motor insurance market. Regional Insights Northern & Central regions dominate the Saudi Arabia Motor Insurance market due to higher population density, economic activity, and vehicle ownership. Cities like Riyadh and other key urban areas have significant vehicle growth, driving motor insurance demand. As of 2024, Riyadh's population is expected to grow from 7 million in 2022 to 9.6 million by 2030, driven by a 38% gain. The Central region's economic hub and infrastructure development contribute to a larger consumer base seeking insurance coverage. These regions remain focal points for insurance providers who tailor offerings to meet growing demand for vehicle protection. Key Attributes: Report Attribute Details No. of Pages 82 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $4.05 Billion Forecasted Market Value (USD) by 2030 $5.32 Billion Compound Annual Growth Rate 5.1% Regions Covered Saudi Arabia Report Scope Key Market Players: Wataniya Insurance Al Rajhi Takaful Liva Insurance Company Tree Digital Insurance Agency Gulf General Cooperative Insurance Co Salama Cooperative Insurance Company Chubb Group Holdings Inc. Tawuniya The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company Aljazira Takaful Saudi Arabia Motor Insurance Market, By Insurance Type: Third Party Liability Comprehensive Saudi Arabia Motor Insurance Market, By Distribution Channel: Agents/Brokers Bank Online Others Saudi Arabia Motor Insurance Market, By Region: Eastern Western Northern & Central Southern For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Saudi Arabian Motor Insurance Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Irish Times
21-05-2025
- Automotive
- Irish Times
Outsurance Ireland plans to hire further 100 staff in second year in business
South African insurer Outsurance 's fledgling Irish business plans to hire a further 100 staff in the next 12 months, bringing its total workforce to 250 as it gains traction in the market. The announcement comes as Outsurance Ireland marks its first year in operation, focusing on motor and home coverage. The company claims that motorists who have switched to the firm have saved an average of €97 on their car insurance in the past year, based on its in-house data. Outsurance Ireland chief executive Peter Broome declined to comment on the level of premiums the company secured in its first year – or on underwriting targets. The company previously said that it expects to invest €160 million developing the Irish business in its first three years in operation. READ MORE 'I feel strongly that our success is based not only on our great value proposition, but also the customer-first approach and human interaction, which is central to the Outsurance experience,' he said. 'You'll speak to a person – not a bot – when you call us at Outsurance and we have a strong record of answering more than 90 per cent of calls within 20 seconds.' Outsurance is among several companies that have moved recently to get into the Irish market following a series of reforms aimed at reducing volatility and coverage costs in a historically highly volatile market even by the cyclical nature of insurance internationally. 'I've entrepreneurial spirit in my veins' – Apprentice star Jordan Dargan Listen | 44:45 Italian insurance giant Generali last year bought Liberty Mutual's businesses in Ireland, Spain and Portugal in a deal worth €2.3 billion. It marked a return by the Italian group to the Irish general insurance market more than two decades after it closed its Dublin office, which had been writing small amounts of property and casualty business as well as commercial insurance at the time. Fintech Revolut entered the car insurance market in 2023 in partnership with US-based AIG.
