According to our research report "Saudi Arabia Insurance Market to 2012", the Saudi Arabian insurance market is poised for tremendous growth and will continue to expand in the near future. Further, the government has taken several initiatives to make healthcare and motor insurance compulsory in the country, which has become the major driving force for the insurance market. Another important factor is the country’s rapidly increasing population, which has led to the rise in incidences of diseases such as, obesity, diabetes, and hypertension. Moreover, rise in healthcare spending will further boost the Saudi Arabia insurance market in future.
As per our study, protection & savings and health insurance are the fastest growing insurance segments in the country, with a share of around 50% of the overall insurance market in 2009. Due to rise in pressure on public healthcare system, the government is rapidly promoting the involvement of private healthcare in the country. Hence, the health insurance sector is expected to grow at a fast pace with increasing involvement of private players. Moreover, the government has even made compulsory to buy insurance covers for foreign nationals and foreign pilgrims. In addition, the introduction of compulsory health insurance for employees in private companies will lead to further growth in the health insurance market in the country.
Moreover, the general insurance sector has shown significant growth and is expected to grow at a CAGR of over 24% during 2010-2012. Among general insurance category, property and aviation insurance are expected to emerge as the fastest growing segments, while the motor insurance segment is projected to grow at a CAGR of 30% during 2010-2012. In addition, the government has made vehicle insurance compulsory in the country, which will further increase the premium of motor, insurance in the country.
“Saudi Arabia Insurance Market to 2012” provides extensive research and rational analysis of the insurance sector in Saudi Arabia. The report thoroughly examines the current industry trends, which are driving the growth of the Saudi Arabian insurance industry. Most importantly, it presents an idea to the clients regarding the future prospects of the concerned sector. The report also analyzes the pattern of macroeconomic variables and their impact on the insurance sector. Besides, the report presents future outlook of the industry, which will prove decisive for the clients.
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Article By: Shushmul Maheshwari