From claims management to cyber insurance to geospatial analytics, this Market Map looks at MENA-based companies shaping the future of the insurance industry in the region.
Insurtech is gaining traction in the Middle East and North Africa (MENA) region.
Due to varying regulatory environments, insurance is a largely localized business — providing an opportunity for homegrown insurtech startups to compete in the MENA markets.
Investors have taken note. In 2022, the region saw $417M in funding across 21 deals. This was lower than 2021 — which saw a record $545M invested across 30 deals — but the decline was much less stark than funding to the overall insurtech category, which saw a drop of nearly 50% YoY.
These insurtechs can be grouped into 2 primary categories — technology providers and insurance providers. Technology providers are helping traditional insurance providers in the region with new digital tools to underwrite, manage claims, and provide better customer experiences. Meanwhile, companies in the insurance providers category are looking to reimagine how insurance is bought and sold, often by offering a digital alternative to traditional insurers.
Using CB Insights data, we identified 68 MENA-based startups looking to shape the future of the insurance industry.