The GCC insurance sector is expected to see sustained expansion over the coming years, supported by rising demand for non-life products and ongoing economic diversification across the region.
The GCC insurance market to hit $61.8bln by 2030 on non-life demand, according to a report by Dubai-based advisory firm Alpen Capital, which highlighted strong structural drivers behind the sector’s outlook.
The projections show the market growing at a compound annual growth rate (CAGR) of 4.9% through 2030. Analysts attribute this trajectory to regulatory reforms, large infrastructure development programmes, population growth, and broader efforts by regional governments to reduce reliance on hydrocarbons.
Gulf Cooperation Council states continue to differ in market size and growth pace, with Saudi Arabia expected to remain the largest insurance market in the bloc. It is forecast to expand at a CAGR of 5.9% between 2025 and 2030.
Kuwait is projected to record a CAGR of 5.5%, while United Arab Emirates is expected to grow at 4.1% over the same period. Meanwhile, data for Qatar, Oman, and Bahrain was not separately disclosed in the report.
Non-life insurance is set to remain the dominant segment, expanding at a CAGR of 5.2% to reach $54.1 billion by 2030, driven by mandatory coverage lines and corporate demand linked to infrastructure and construction activity. It is expected to account for nearly 88% of total gross written premiums.
Life insurance is projected to grow more moderately at 3.5%, reaching $7.7 billion by 2030, as demographic trends and product penetration continue to evolve across Gulf markets.
Alpen Capital noted that steady population growth and improving macroeconomic conditions are likely to support continued sector expansion across the region.
The report reinforces expectations behind the GCC insurance market to hit $61.8bln by 2030 on non-life demand, reflecting how insurance markets in the Gulf are increasingly tied to long-term development and regulatory change rather than short-term cycles.
