Non-Life Insurance in Saudi Arabia, Key Trends and Opportunities to 2021

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GlobalData’s 'Non-Life Insurance in Saudi Arabia Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Saudi Arabian non-life insurance segment, and a comparison of the Saudi Arabian insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2012–2016) and forecast period (2016–2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Saudi Arabian economy and demographics, explains the various types of natural hazard and their impact on the Saudi Arabian insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Saudi Arabia:

• It provides historical values for the Saudi Arabian non-life insurance segment for the report’s 2012–2016 review period, and projected figures for the 2016–2021 forecast period.

• It offers a detailed analysis of the key categories in the Saudi Arabian non-life insurance segment, and market forecasts to 2021.

• It provides a comparison of the Saudi Arabian non-life insurance segment with its regional counterparts

• It analyzes the various distribution channels for non-life insurance products in Saudi Arabia.

• It analyzes various natural hazards and their impact on the Saudi Arabian insurance industry

• It profiles the top non-life insurance companies in Saudi Arabia, and outlines the key regulations affecting them.

Key Highlights

• Effective from July 2, 2017, insurers and insurance service providers must only hire Saudi citizens for motor insurance claims settlement and customer services administration departments.

• Sanad Cooperative Insurance Company applied for the voluntary liquidation of its business due to a more than 50% loss of its capital in March 2017.

• On March 30, 2017, the Saudi Arabian Monetary Authority (SAMA) introduced Rules on the Collection and Exchange of Motor Insurance Information.

• On December 28, 2016, SAMA issued a new directive to motor insurance companies to provide no-claim discounts to their customers from April 1, 2017.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Saudi Arabian non-life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Saudi Arabian non-life insurance segment.

• Assess the competitive dynamics in the non-life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Saudi Arabian insurance industry, and their impact on companies and the industry's future.

The Company For Cooperative Insurance
Bupa Arabia for Cooperative Insurance
The Mediterranean and Gulf Insurance and Reinsurance Co
Malath Cooperative Insurance and Reinsurance Company
Al-Rajhi Company for Cooperative Insurance
Axa Cooperative Insurance Company
Saudi United Cooperative Insurance Company
Saudi Re For Cooperative Reinsurance Company
Trade Union Cooperative Insurance Company
Allianz Saudi Fransi Cooperative Insurance Company

Table of Contents

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Profitability

4.2.3 Assets and investments

5 OUTLOOK BY CATEGORY

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Profitability

6 DISTRIBUTION CHANNEL OUTLOOK

6.1 Direct marketing

6.2 Agencies

6.3 Brokers

6.4 Bancassurance

6.5 E-commerce

7 NATURAL AND MAN-MADE HAZARDS

7.1 Flooding

7.2 Droughts

7.3 Earthquakes

7.4 Dust Storms

7.5 Man-made Hazards

7.6 Exposure

8 COMPETITIVE LANDSCAPE

8.1 Company Profiles

8.1.1 The company for Cooperative Insurance – company overview

8.1.2 The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company – company overview

8.1.3 Malath Cooperative Insurance & Reinsurance Company – company overview

8.1.4 Al-Rajhi Company for Cooperative Insurance Company – company overview

8.1.5 United Cooperative Assurance Insurance Company – company overview

9 GOVERNANCE, RISK AND COMPLIANCE

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

9.4.2 Social insurance system

9.4.3 Third-party liability insurance for high-risk facilities

9.4.4 Professional indemnity insurance for insurance intermediaries

9.4.5 Liability insurance for ships with respect to oil pollution

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 Saudi Arabian Monetary Agency

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margins

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 DATABOOK

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Property Insurance

10.5 Property Insurance by Product

10.6 Motor Insurance

10.7 Liability Insurance

10.8 Marine, Aviation and Transit Insurance

11 DEFINITIONS AND METHODOLOGY

11.1 Definitions

11.2 Methodology

12 ABOUT TIMETRIC

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’s Services

12.4 Disclaimer

Table

Table 1: Saudi Arabia Non-Life Insurance – Key Facts, 2016

Table 2: Saudi Arabian Insurance – Industry Shares of Leading Insurers, 2016

Table 3: Saudi Arabian Government Credit Ratings

Table 4: Saudi Arabia Non-Life Insurance – Gross Written Premium (SAR Billion and US$ Billion), 2012–2016

Table 5: Saudi Arabia Non-Life Insurance – Penetration (%), 2012–2016

Table 6: Saudi Arabia Non-Life Insurance – Gross Written Premium (SAR Billion and US$ Billion), 2016–2021

Table 7: Saudi Arabia Non-Life Insurance – Penetration (%), 2016–2021

Table 8: Saudi Arabia Non-Life Insurance – Premium per Capita (SAR and US$), 2012–2016

Table 9: Saudi Arabia Non-Life Insurance – Premium per Capita (SAR and US$), 2016–2021

Table 10: Saudi Arabia Non-Life Insurance – Profitability Ratio (%), 2012–2016

Table 11: Saudi Arabia Non-Life Insurance – Profitability Ratio (%), 2016–2021

Table 12: Saudi Arabia Non-Life Insurance – Total Assets (SAR Billion and US$ Billion), 2012–2016

Table 13: Saudi Arabia Non-Life Insurance – Total Assets (SAR Billion and US$ Billion), 2016–2021

Table 14: Saudi Arabia Non-Life Insurance – Total Investment Income (SAR Million and US$ Million), 2012–2016

Table 15: Saudi Arabia Non-Life Insurance – Total Investment Income (SAR Million and US$ Million), 2016–2021

Table 16: Saudi Arabia Non-Life Insurance – Investment Portfolio (SAR Billion), 2012–2016

Table 17: Saudi Arabia Non-Life Insurance – Investment Portfolio (SAR Billion), 2016–2021

Table 18: Saudi Arabia Non-Life Insurance – Direct Written Premium by Category (SAR Billion), 2012–2016

Table 19: Saudi Arabia Non-Life Insurance – Direct Written Premium by Category (SAR Billion), 2016–2021

Table 20: Saudi Arabia Property Insurance – Direct Written Premium by Sub-Category (SAR Billion), 2012–2016

Table 21: Saudi Arabia Property Insurance – Direct Written Premium by Sub-Category (SAR Billion), 2016–2021

Table 22: Saudi Arabia Property Insurance – Loss Ratio (%), 2012–2016

Table 23: Saudi Arabia Property Insurance – Loss Ratio (%), 2016–2021

Table 24: Saudi Arabia Motor Insurance – Loss Ratio (%), 2012–2016

Table 25: Saudi Arabia Motor Insurance – Loss Ratio (%), 2016–2021

Table 26: Saudi Arabia Liability Insurance – Direct Written Premium (SAR Billion and US$ Billion), 2012–2016

Table 27: Saudi Arabia Liability Insurance – Direct Written Premium (SAR Billion and US$ Billion), 2016–2021

Table 28: Saudi Arabia Liability Insurance – Loss Ratio (%), 2012–2016

Table 29: Saudi Arabia Liability Insurance – Loss Ratio (%), 2016–2021

Table 30: Saudi Arabian Transport Network – Global Rankings

Table 31: Saudi Arabian – Export Values (SAR Billion) & Weight (Tons)

Table 32: Saudi Arabian – Import Values (SAR Billion) & Weight (Tons)

Table 33: Saudi Arabia Marine, Aviation and Transit Insurance – Direct Written Premium (SAR Billion and US$ Billion), 2012–2016

Table 34: Saudi Arabia Marine, Aviation and Transit Insurance – Direct Written Premium (SAR Billion and US$ Billion), 2016–2021

Table 35: Saudi Arabia Marine, Aviation and Transit Insurance – Loss Ratio (%), 2012–2016

Table 36: Saudi Arabia Marine, Aviation and Transit Insurance – Loss Ratio (%), 2016–2021

Table 37: Saudi Arabian Insurance – Industry Shares of Leading Insurers (%), 2016

Table 38: The Company for Cooperative Insurance Company – Key Facts

Table 39: The Company for Cooperative Insurance Company – Key Financials (SAR Million), 2012–2016

Table 40: The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company – Key Facts

Table 41: The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company – Key Financials (SAR Million), 2012–2016

Table 42: Malath Cooperative Insurance & Reinsurance Company – Key Facts

Table 43: Malath Cooperative Insurance & Reinsurance Company – Key Financials (SAR Million), 2012–2016

Table 44: Al-Rajhi Company for Cooperative Insurance Company – Key Facts

Table 45: Al-Rajhi Company for Cooperative Insurance Company – Key Financials (SAR Million), 2012–2016

Table 46: United Cooperative Assurance Insurance Company – Key Facts

Table 47: United Cooperative Assurance Insurance Company – Key Financials (SAR Million), 2012–2016

Table 48: Saudi Arabia – Insurance Regulatory Framework Key Features

Table 49: Saudi Arabia – Life Insurance Regulatory Framework

Table 50: Saudi Arabia – Property Insurance Regulatory Framework

Table 51: Saudi Arabia – Motor Insurance Regulatory Framework

Table 52: Saudi Arabia – Liability Insurance Regulatory Framework

Table 53: Saudi Arabia – Investment Limits for Insurance Companies

Table 54: Saudi Arabia – Corporate Tax Rates for the Financial Year 2016

Table 55: Saudi Arabian Insurance Industry – Policies and Premium, 2012–2016

Table 56: Saudi Arabian Insurance Industry – Policies and Premium, 2016–2021

Table 57: Saudi Arabian Non-Life Insurance – Claims and Expenses, 2012–2016

Table 58: Saudi Arabian Non-Life Insurance – Claims and Expenses, 2016–2021

Table 59: Saudi Arabian Non-Life Insurance – Assets and Investments, 2012–2016

Table 60: Saudi Arabian Non-Life Insurance – Assets and Investments, 2016–2021

Table 61: Saudi Arabian Non-Life Insurance – Property Insurance, 2012–2016

Table 62: Saudi Arabian Non-Life Insurance – Property Insurance, 2016–2021

Table 63: Saudi Arabian Non-Life Insurance – Property Insurance by Product, 2012–2016

Table 64: Saudi Arabian Non-Life Insurance – Property Insurance by Product, 2016–2021

Table 65: Saudi Arabian Non-Life Insurance – Motor Insurance, 2012–2016

Table 66: Saudi Arabian Non-Life Insurance – Motor Insurance, 2016–2021

Table 67: Saudi Arabian Non-Life Insurance – Liability Insurance, 2012–2016

Table 68: Saudi Arabian Non-Life Insurance – Liability Insurance, 2016–2021

Table 69: Saudi Arabian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2012–2016

Table 70: Saudi Arabian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2016–2021

Table 71: Insurance Industry Definitions

Figures

Figure 1: Saudi Arabian GDP Composition, 2016

Figure 2: Saudi Arabian Real GDP (SAR Trillion), 2012–2021

Figure 3: Saudi Arabian Current Account Balance as Percentage of GDP (%), 2012–2021

Figure 4: Saudi Arabian Consumer Price Inflation (%), 2012–2021

Figure 5: Saudi Arabian Unemployment Rate, 2012–2021

Figure 6: Saudi Arabian Population by Age Group, 1992–2025

Figure 7: Saudi Arabian Non-Life Insurance Penetration – Regional Comparison (%), 2016

Figure 8: Saudi Arabian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2016

Figure 9: Saudi Arabia Non-Life Insurance – Gross Written Premium (SAR Billion), 2012–2021

Figure 10: Saudi Arabia Non-Life Insurance – Penetration (%), 2012–2021

Figure 11: Saudi Arabia Non-Life Insurance – Premium per Capita (SAR), 2012–2021

Figure 12: Saudi Arabia Non-Life Insurance – Profitability Ratio (%), 2012–2021

Figure 13: Saudi Arabia Non-Life Insurance – Total Assets (SAR Billion), 2012–2021

Figure 14: Saudi Arabia Non-Life Insurance – Total Investment Income (SAR Billion), 2012–2021

Figure 15: Saudi Arabia Non-Life Insurance – Investment Portfolio (SAR Billion), 2012–2021

Figure 16: Saudi Arabia Non-Life Insurance – Investment Portfolio Dynamics by Types of Investment, 2012–2021

Figure 17: Saudi Arabia Non-Life Insurance – Direct Written Premium by Category (SAR Billion), 2012–2021

Figure 18: Saudi Arabia Non-Life Insurance – Direct Written Premium Dynamics by Category, 2012–2021

Figure 19: Saudi Arabian Construction Output by Project Type (SAR Billion), 2012–2021

Figure 20: Saudi Arabia Property Insurance – Direct Written Premium by Sub-Category (SAR Billion), 2012–2021

Figure 21: Saudi Arabia Property Insurance – Direct Written Premium Dynamics by Sub-Category, 2012–2021

Figure 22: Saudi Arabia Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (SAR Billion and %), 2012–2021

Figure 23: Saudi Arabia Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (SAR Billion and %), 2012–2021

Figure 24: Saudi Arabia Liability Insurance – Direct Written Premium (SAR Billion), 2012–2021

Figure 25: Saudi Arabia Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (SAR Billion and %), 2012–2021

Figure 26: Saudi Arabian Marine, Aviation and Transit Insurance – Exports and Imports values (SAR Billion), 2011–2015

Figure 27: Saudi Arabia Marine, Aviation and Transit Insurance – Direct Written Premium (SAR Billion), 2012–2021

Figure 28: Saudi Arabia Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (SAR Billion and %), 2012–2021

Figure 29: Saudi Arabian Insurance – Industry Shares of the Leading Insurers (%), 2016

Figure 30: Saudi Arabia – Insurance Supervision and Control at Various Levels

Figure 31: Saudi Arabia – Insurance Regulatory Frameworks for Company Registration and Operation

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