Africa & Middle East Embedded Insurance Markets Report 2022-2029 - Growing Number of New Entrants is Predicted to Drive Market Expansion

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Mar 23, 2022, 10:00 ET

DUBLIN, March 23, 2022 /PRNewswire/ -- The "Africa & Middle East Embedded Insurance Business and Investment Opportunities - Q1 2022 Update" report has been added to ResearchAndMarkets.com's offering.

Africa & Middle East's Embedded Insurance industry in the region is expected to grow by 40.2% on annual basis to reach US$2,329.0 million in 2022.

The embedded insurance industry is expected to grow steadily over the forecast period, recording a CAGR of 24.6% during 2022-2029. The embedded insurance revenues in the region will increase from US$2,329.0 million in 2022 to reach US$7,763.3 million by 2029.

Embedded insurance market gained a huge traction in mobility sector

The Africa & Middle East region witnessed significant growth in the embedded insurance demand by the mobility sector. Moreover, the embedded insurance market has already crossed the growth stage in the mobility embedded insurance product life cycle and now are moving towards the maturity stage at a considerable pace. The market witnessed numerous collaborations among ride-hailing, driver-sharing, and embedded insurers.

Uber (India) launched in-ride embedded insurance for its drivers and delivery partners across Saudi Arabia in 2018.
Additionally, in In December 2019, UAE based ride-hailing app Careem (Uber's subsidiary) launched in-ride insurance for passengers and drivers across 15 cities. The insurance policy will cover up to $20,000 in expenses incurred due to death or major injury sustained during a Careem ride.

The developments mentioned above show that the mobility sector has provided embedded insurance to its clients and drivers for years. Additionally, the market for mopeds and e-bikes is expanding rapidly due to the surge in food and grocery delivery requirements due to the Covid-19 pandemic. As a result, insurtech firms have been drawn to capitalize on the expanding market for usage-based insurance for e-bike and moped fleets.

Market participants are introducing new products through newly obtained funds. The launch of new products will assist fleet businesses by providing flexible and seamless embedded insurance options.

In August 2020, Israel-based mobility insurtech firm 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 utilized to enhance its offerings across the mobility sector.

Growing number of new entrants is predicted to drive market expansion in the Africa and Middle East

The number of new entrants is growing and these companies are increasingly raising funds in the last few quarters.

In December 2021, Nigeria-based insurtech Octamile raised US$500k in pre-seed fundings led by EchoVC Partners and participation from angel investors including Fiat Ventures, Kesho VC, Trade X, Verraki Partners, Dale Mathias, Kyle Daley. Octamile is planning to utilize the funds to develop solutions for non-insurance businesses and enable them to embed insurance as a feature in their pre-existing products.
In August 2021, Abu-Dhabi based insurtech start-up Hala raised US$ 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 firms in the region is anticipated to provide the technologies and advanced insurance platforms to embed insurance across various platforms.

Key Topics Covered:

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

1 About this Report
1.1 Summary
1.2 Methodology
1.3 Embedded Insurance Definitions
1.4 Disclaimer

2 Embedded Insurance Industry Revenue Trend Analysis, 2020-2029

3 Embedded Insurance Industry Market Size and Forecast by Type of Insurance
3.1 Market Share Analysis by Type of Insurance
3.2 Life Insurance - Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
3.3 Non-Life Insurance - Embedded Insurance Industry Revenue Trend Analysis, 2020-2029

4 Embedded Insurance Industry Market Size and Forecast by End Use Industry
4.1 Market Share Analysis by End Use Industry Segments
4.2 Consumer Products - Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
4.3 Travel & Hospitality - Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
4.4 Automotive - Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
4.5 Healthcare - Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
4.6 Real Estate - Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
4.7 Transport & Logistics - Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
4.8 Other - Embedded Insurance Industry Revenue Trend Analysis, 2020-2029

5 Embedded Insurance Industry Market Size and Forecast by Type of Offering
5.1 Market Share Analysis by Type of Offering
5.2 Product Based Insurance - Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
5.3 Service Based Insurance - Embedded Insurance Industry Revenue Trend Analysis, 2020-2029

6 Further Reading

For more information about this report visit https://www.researchandmarkets.com/r/s0snpm

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