According to our latest report “Saudi Arabia Insurance Market Analysis”, the Saudi Arabian insurance industry has emerged as one of the fastest growing insurance industries across the world. The insurance industry in the Kingdom has exhibited tremendous growth during the past few years and is providing lucrative opportunities for existing as well as new market entrants, especially in its health insurance segment. The health insurance segment is growing at a very fast pace and accounted for majority of the overall insurance market at the end of 2010. The healthcare insurance is expected to witness a CAGR of over 25% during 2011-2013.
As per our research, the health insurance market will be boosted by the recent introduction of compulsory health insurance for private employees irrespective of their company size. However, growth of the health insurance will slow down towards the end of 2013, as all the expatriates will be covered under mandatory insurance plan and the rest of the people will then form the growth of the country’s healthcare insurance market.
Besides health insurance segment, various other segments are showing promising future prospects. Motor, Property, and Fire insurance segments have shown tremendous growth in the past and we anticipate that these segments will significantly grow in the coming years on the back of promotional strategies deployed by the government.
Further, our report reveals that the voluntary insurance is still not very common in Saudi Arabia. Most of the insurance premiums come from the compulsory branches of insurances. In 2010, majority of the total Gross Written Premium was generated by compulsory lines - motor and health insurance.
Our report “Saudi Arabia Insurance Market Analysis”, provides comprehensive information, statistical data, and rational analysis of the insurance industry in Saudi Arabia. Moreover, the emerging market trends and developments, such as Takaful Insurance, Bancassurance, Reinsurance, etc are thoroughly studied in the report. Further, the report elaborates on the forecasts for all the segments of the insurance market viz. health insurance, protection and savings insurance, motor insurance, and the entire sub segments of non life insurance segment.
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Article By: Shushmul Maheshwari