GCC: Robust growth expected for Islamic insurance in 2025-26 amid profit challenges

Source: Middle East Insurance Review | Oct 2025

The Islamic insurance sector in the GCC will continue to benefit from growth prospects through 2025 and 2026, forecasts S&P Global Ratings (S&P) in a white paper.

The white paper, titled “Islamic Insurers In The Gulf Cooperation Council Are On Track To Report A Significant Earnings Decline In 2025”, said key growth drivers will include ongoing investments in infrastructure projects, population growth, and regulatory initiatives.

The authors of the white paper said the sector is projected to grow by approximately 10% annually in 2025 and 2026.

The report said, “We anticipate more moderate growth for the sector in 2025, largely due to increased competition in the motor and medical insurance segment.”

Islamic insurance expanded substantially in the GCC over the past five years, with growth rates of 24%-28% in 2022 and 2023.

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