Saudi Arabia offers Strong Potential for Life Insurers

With regulatory developments and growing awareness, protection and saving (life) insurance sector has immense potential for future growth. By premium, the sector is expected to grow at a CAGR of over 50% between 2009 and 2012, says a new research report, "Saudi Arabia Insurance Market to 2012", by RNCOS.

Our report also says that the protection and saving insurance market in Saudi Arabia is at the nascent stage of development compared to other emerging economies in the world. It accounts for a very small share of total insurance market in the country. Low penetration is primarily based on the fact that the conventional insurance does not relate to the values and beliefs of customers as most of them belong to the Muslim religion.

However, the recent regulatory developments which make it mandatory for insurers to comply with cooperative insurance law are building the confidence of kingdom's people to buy insurance products. The cooperative insurance law ensures that all the life insurance companies must comply with Sharia business laws. Therefore, the life insurance sector is expected to grow much faster than other insurance sectors. The share of life insurance premium is forecasted to increase to 9% by 2012 from just 4% in 2008.    

"Saudi Arabia Insurance Market to 2012" is a comprehensive research report that comprises of quality research and in-depth analysis of the insurance market in Saudi Arabia. It studies the emerging market trends, recent developments and their impact on the market. The report helps clients to analyze the leading-edge opportunities, prospective customer base, key players, expected future outlook and all the other factors which are critical for the success of a new entrant in the insurance industry of Saudi Arabia.

The report supplements past and current information of Saudi Arabia insurance market with forecast for various important industry segments like health, motor, property, energy and engineering, etc.

For more information visit: http://www.rncos.com/Report/IM024.htm