According to the latest research report “Saudi Arabia Insurance Market Analysis”, by RNCOS, health insurance had a 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 and Saudis working in private sectors in the country is on its way to witness significant increase in the number of insured people. Therefore, rising expatriate population will also boost the growth of health insurance. Hence, the gross healthcare insurance premium is expected to witness a CAGR of around 20% during 2011-2015.
Compulsory branches of insurances (including health and third-party liability motor insurance) maintained significant growth patterns compared to voluntary segments. Around 73% of the total Gross Written Premium was generated by the compulsory branches in 2010. On the back of impressive performance by energy and aviation, insurance gross premium in the general insurance segment grew at the rate of 6% in 2010 and recorded growth rates of around 9% and 75%, respectively. However, protection and saving gross insurance premium remained the same in 2010 as in the previous year.
Our 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 better analysis of the penetration level of insurance services. Our report also dissected each and every factors contributing to the rising attractiveness of the Saudi Arabian Insurance industry together with regulatory environment. Further, it presents a brief overview of the key industry players like National Company for Co-operative Insurance, BUPA Arabia, etc.
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