Saudi Arabia has emerged as the fastest growing country in the Middle East in terms of insurance premium. In spite of the global economic crisis, Saudi Arabia recorded stupendous growth in the insurance premium during 2009. The main factor for the growth was the compulsory insurance segments such as health insurance and motor insurance. According to our research report “Saudi Arabia Insurance Market to 2012”, the Saudi Arabia insurance market is expected to grow at a CAGR of more than 32% between 2010 and 2012.
Our extensive study of the insurance market reveals that the motor insurance segment is the largest among the non life segments and is expected to drive growth in the non life insurance market. The main factor responsible for the prospective growth in the motor insurance is the promotional strategies of the government. The auto sales will rise at a fast rate of 50% between 2008 and 2013. This will create demand for the motor insurance on account of mandatory vehicle insurance. Hence, the motor insurance market is expected to grow at a CAGR of around 29% between 2010 and 2012.
We have also found that the fastest growing segment in the forecast period will be the protection and savings insurance, which will grow at a CAGR of around 60% (2010-2012). The main reason for such a tremendous growth rate is the recent regulatory development which mandate insurers to comply with cooperative insurance. This law has built the confidence of people to buy insurance.
“Saudi Arabia Insurance Market to 2012” contains comprehensive information, statistical data and rational analysis of the insurance industry in Saudi Arabia. The report gives forecast for all the segment of insurance market viz. health insurance, protection and savings insurance and all the sub segments of non life insurance segment. Besides, our report provides deep insight into the regulatory environment and trends prevailing.
For more information visit: http://www.rncos.com/Report/IM024.htm |
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