Africa & Middle East Embedded Insurance Business and Investment Opportunities

Summary

According to PayNXT360’s Q4 2021 Embedded Finance Survey, 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. For instance, 

• 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. For instance,
 
• 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. For instance,

• 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. 

This report provides regional insights into key trends and drivers along with a detailed data centric analysis of market opportunities in embedded insurance industry at regional and country level. Region and countries included in this report are:

1. Africa & Middle East 
2. Egypt 
3. Israel
4. Kenya 
5. Nigeria 
6. Saudi Arabia 
7. South Africa 
8. Turkey 
9. United Arab Emirates

Scope

This report provides regional insights, along with an in-depth data centric analysis of the Embedded Insurance industry in the Africa & Middle East, covering 50+ KPIs for each region and country (120+ charts and 90+ tables in all). Below is a summary of key market segments:

Embedded Insurance Market Size and Forecast

• Embedded Insurance by Industry, 2020 – 2029
-- Embedded Insurance in Consumer Products 
-- Embedded Insurance in Travel & Hospitality 
-- Embedded Insurance in Automotive
-- Embedded Insurance in Healthcare
-- Embedded Insurance in Real Estate 
-- Embedded Insurance in Transport & Logistics
-- Embedded Insurance in Others

• Embedded Insurance by Insurance Type, 2020 – 2029
-- Embedded Insurance in Life Segment
-- Embedded Insurance in Non-Life Segment

• Embedded Insurance by Type of Offering, 2020 – 2029
-- Embedded Insurance in Product Segment
-- Embedded Insurance in Service Segment

All the regional and country reports cover the following charts and tables:

Figure 1: PayNXT360’s Methodology Framework
Figure 2: Embedded Insurance – Revenue (US$ Million), 2020-2029
Figure 3: Market Share Analysis by Type of Insurance (%), 2020-2029
Figure 4: Life Insurance – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 5: Non-Life Insurance – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 6: Market Share Analysis by End Use Industry Segments, 2021 Vs. 2029
Figure 7: Consumer Products – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 8: Travel & Hospitality – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 9: Automotive – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 10: Healthcare – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 11: Real Estate – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 12: Transport & Logistics – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 13: Other – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 14: Market Share Analysis by Type of Offering (%), 2020-2029
Figure 15: Product Based Insurance – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 16: Service Based Insurance – Embedded Insurance Industry Revenue (US$ Million), 2020-2029

Table 1: Embedded Insurance – Revenue (US$ Million), 2020-2029
Table 2: Life Insurance – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 3: Non-Life Insurance – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 4: Consumer Products – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 5: Travel & Hospitality – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 6: Automotive – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
Table 7: Healthcare – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 8: Real Estate – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 9: Transport & Logistics – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 10: Other – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 11: Product Based Insurance – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 12: Service Based Insurance – Embedded Insurance Industry Revenue (US$ Million), 2020-2029

Reason to buy

• In-depth Understanding of Embedded Finance Market Dynamics: Understand market opportunities and key trends along with forecast (2019-2028). 

• Insights into Opportunity by end-use sectors – Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.

• Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate embedded finance strategy; assess market specific key trends, drivers, and risks in the industry.

• Get Sector Insights: Drawing from proprietary survey results, this report identifies opportunities across embedded lending, embedded insurance, embedded finance, and embedded wealth sectors.