Even while gradually reviving from the global economic crisis, Saudi Arabia managed to post considerable revenue. Strong domestic funding and high investments level fuelled the growth further. In addition, strict regulation emanating from the Saudi Arabian Monetary Authority (SAMA) also facilitated the development of the market, together with better laws towards improving the structure.
According to our latest research report, “Saudi Arabia Insurance Market Analysis”, health insurance has emerged as one of the fastest growing segments in the Saudi Arabian insurance sector. With 53% share of the total insurance premium during 2010, health insurance has become a key growth driver for the overall market. Moreover, as health insurance has become compulsory for expatriates, the country is on its way to witness significant increase in the number of insured people. The share of gross health insurance is likely to reach around 60% by 2015-end.
Under the general insurance sector, sub-segments, such as engineering insurance, aviation insurance, and motor insurance are anticipated to contribute towards the growth of the overall industry. Impressive performance by these segments is likely to propel the general insurance sector, which in turn, is expected to grow at a CAGR of around 13% during 2011-2015.
Takaful insurance, wherein people guarantee each other is one of the fastest growing segments in the insurance industry in Saudi Arabia. Besides, a number of banks have been following the Bancassurance model to make insurance services available to most of the people in Saudi Arabia. The future outlook of Saudi Arabia insurance sector is very bright as there is a strong intrinsic growth potential in the market. Factors, such as low penetration, strong government spending, and economic diversification are likely to propel the number of persons opting for insurance plans.
The report acquaints clients with an in-depth insight on the current performance of the insurance industry in Saudi Arabia. The segment-wise market potential of the insurance industry facilitates the better analysis of the penetration level of insurance services. Our report dissects each and every factor contributing to the rising attractiveness of the Saudi Arabian Insurance industry together with regulatory environment and providing brief overview of the key industry players like National Company for Co-operative Insurance, BUPA Arabia etc.