E-life insurance sales hit $11 billion in MENA region

Insurance sector in the Middle East region has recorded$11 billion in sales through the issuance of e-insurance policies, said an expert from Jordan-based Eskadenia Software on Monday.

Shadi Saadeh said in his keynote speech at the Federation of Afro-Asian Insurers and Reinsurers (FAIR)’s Life Insurance Forum, which kicked off in Cairo Monday, that the number of internet users in the Middle East reached 135 million in 2015.

Internet penetration rates in the Middle East grew by 2.9 percent.

“84 percent of life insurance activity users opt for buying their policies online.” Saadeh added.

Saadeh further also said about 860,000 people in the Arab region had interacted with insurance sector services through the internet over the past short period.

Technology now is a main component of life insurance activities, notably the medical insurance policies department which requires a full electronic profile of customers and their state of health, the expert concluded.