The insurance market across the GCC is expected to expand to $61.8 billion by 2030, supported by rising demand for non-life insurance products and broader economic growth across the region, according to a report by Dubai-based investment banking advisory firm Alpen Capital.

The report forecasts the sector to grow at a compound annual growth rate (CAGR) of 4.9% over the coming years, driven by regulatory reforms, large-scale infrastructure projects, sustained population growth, and ongoing economic diversification efforts across GCC economies.

According to TM Lakshmanan, CEO of Alpen Capital, the region’s insurance industry is expected to maintain strong momentum as mandatory insurance coverage expands and macroeconomic conditions remain favorable.

“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,” Lakshmanan said.

Among GCC markets, Saudi Arabia is expected to retain its position as the region’s largest insurance market, with projected annual growth of 5.9% between 2025 and 2030.

Kuwait is forecast to record the second-fastest growth rate at 5.5%, followed by the United Arab Emirates at 4.1%. Specific forecasts for Qatar, Oman, and Bahrain were not disclosed in the report.

Alpen Capital noted that the non-life insurance segment will continue to account for the majority of the market, with premiums projected to rise from $42.1 billion in 2025 to $54.1 billion by 2030, representing a CAGR of 5.2%. The segment is expected to contribute nearly 88% of total gross written premiums during the forecast period.

Meanwhile, the life insurance segment is projected to grow at a slower pace of 3.5%, increasing from $6.4 billion in 2025 to $7.7 billion by the end of the decade.