At 7.3% CAGR, Middle East & Africa Insurance Third-Party Administrator Market is Projected to be Worth US$ 18,147.88 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa insurance third-party administrator market was valued at US$ 10,318.11 million in 2023 and is expected to reach US$ 18,147.88 million by 2031, registering a CAGR of 7.3% from 2023 to 2031. Increase in preference for administrators in health insurance and growing complexity of insurance claims are among the critical factors attributed to the Middle East & Africa insurance third-party administrator market expansion.

Third-party administrators serve as mediators between insurance companies and policyholders. They oversee specific services, such as processing claims, providing customer support, and managing payment transactions on behalf of health insurance companies. These service providers play a pivotal role in handling different facets of health insurance. They maintain policyholders' important records in a dedicated database and provide smooth back-end assistance. Third-party administrators also ensure the correct processing of policyholders' claims. They guarantee that the hospitals they manage meet the standards of network membership, allowing for hassle-free claim settlement. Various value-added services provided by several third-party administrators include specialized consultations, ambulance services, medical supplies, wellness programs, lifestyle management, 24-hour toll-free helplines, and health facilities. Due to these benefits, various renowned insurers opt for third-party administrators. Thus, a broad application of third-party administrators in healthcare insurance drives the growth of the market.

On the contrary, data privacy and security concerns hampers the growth of Middle East & Africa insurance third-party administrator market.

Based on insurance type, the Middle East & Africa insurance third-party administrator market is segmented into healthcare, retirement plans, commercial general liability insurers, and other insurance types. The healthcare segment held 68.5% market share in 2023, amassing US$ 7,072.83 million. It is projected to garner US$ 12,862.76 million by 2031 to register 7.8% CAGR during 2023-2031.

In terms of end users, the Middle East & Africa insurance third-party administrator market is bifurcated into large enterprises and SMEs. The large enterprises segment held 75.8% share of Middle East & Africa insurance third-party administrator market in 2023, amassing US$ 7,823.30 million. It is projected to garner US$ 13,982.59 million by 2031 to expand at 7.5% CAGR during 2023-2031.

Based on country, the Middle East & Africa insurance third-party administrator market has been categorized into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 39.0% share of Middle East & Africa insurance third-party administrator market in 2023. It was assessed at US$ 4,019.94 million in 2023 and is likely to hit US$ 7,938.94 million by 2031, exhibiting a CAGR of 8.9% during 2023-2031.

Key players operating in the Middle East & Africa insurance third-party administrator market are Crawford and Company; Charles Taylor Limited; ExlService Holdings, Inc; Arthur J Gallagher & Co; and Chubb Ltd., among others.

• In May 2022, Crawford & Company's third-party administration business in the United Kingdom, Crawford TPA, has teamed with British insurtech Automated Insurance Solutions (AIS) to support speedier motor claims processing in the country. Crawford TPA will use AIS's automated motor claims liability assessment tool, BAIL, as part of its growing digital claims management ecosystem.
  
  

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