The insurance market in the GCC region is poised to expand to $61.8 billion by 2030, supported by strong demand for non-life products, according to Dubai-based investment banking advisory firm Alpen Capital.

The expansion, representing an annualised growth rate (CAGR) of 4.9%, will also be spurred by several catalysts, including regulatory reforms, a strong pipeline of large-scale infrastructure projects, sustained population growth and economic diversification efforts, among others.

“The GCC insurance industry is expected to maintain its growth momentum driven by a steady increase in population, the expansion of mandatory insurance lines and positive macroeconomic fundamentals,” said TM Lakshmanan, CEO of Alpen Capital.

Among the GCC states, Saudi Arabia is expected to retain its title as the largest insurance market, which is poised to record a CAGR of 5.9% between 2025 and 2030.

Kuwait is poised to come second, with a forecast CAGR of 5.5%, followed by the UAE with a CAGR of 4.1% over the same period.

Specific growth rates for Qatar, Oman and Bahrain were not disclosed.

Alpen Capital noted that the non-life insurance segment is projected to grow at a CAGR of 5.2%, rising from $42.1 billion in 2025 to $54.1 billion by 2030. This will account for the bulk (87.6%) of gross written premiums (GWP).

The life insurance segment is expected to grow at a CAGR of 3.5%, from $6.4 billion in 2025 to $7.7 billion by 2030.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com