A new forecast from Dubai-based investment banking advisory firm Alpen Capital projects that the GCC insurance market will reach $61.8 billion by 2030, sustained by robust demand for non-life coverage. This trajectory reflects an annualized compound growth rate (CAGR) of 4.9%, accelerated by extensive regulatory overhauls, a dense pipeline of major infrastructure developments, steady demographic expansion, and ongoing regional economic diversification. Alpen Capital’s leadership emphasized that positive macroeconomic indicators, alongside the broadening scope of mandatory coverage lines, will keep the industry’s upward momentum intact over the next four years.
Saudi Arabia is on track to maintain its status as the region’s largest insurance arena, leading the block with an anticipated CAGR of 5.9% through 2030. Kuwait is forecast to secure the second-highest growth pace at 5.5%, followed closely by the UAE at 4.1%, while individual growth outlooks for Qatar, Oman, and Bahrain were omitted from the disclosure. Sector distributions show that the non-life segment will continue to dominate the landscape, expanding at a 5.2% CAGR to rise from $42.1 billion in 2025 to $54.1 billion by 2030, ultimately capturing 87.6% of all gross written premiums. Meanwhile, the life insurance sector is slated for more modest growth, rising at a 3.5% CAGR to climb from $6.4 billion to $7.7 billion over the same period.
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