Personal Accident and Health Insurance in Saudi Arabia, Key Trends and Opportunities to 2021

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Published: November 10, 2017 Report Code: GD-IS1606MR-ST

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GlobalData’s 'Personal Accident and Health Insurance in Saudi Arabia Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Saudi Arabian personal accident and health insurance segment, and a comparison of the Saudi Arabian insurance industry with its regional counterparts.

It provides 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, 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 personal accident and health insurance segment in Saudi Arabia:

• It provides historical values for the Saudi Arabian personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2021.

• It provides a comparison of the Saudi Arabian personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in Saudi Arabia.

• It profiles the top personal accident and health insurance companies in Saudi Arabia, and outlines the key regulations affecting them.

Key Highlights

• In April 2017, the Council for Cooperative Health insurance (CCHI) confirmed the start of the final phase of implementation of the country’s unified health insurance, which became effective from April 10, 2017.

• On February 23, 2017, the Ministry of Education, Saudi Arabia launched a new voluntary health insurance scheme for teachers.

• Effective from August 17, 2015, health insurance for visitors was made mandatory in Saudi Arabia.

• On October 11, 2016, Saudi Arabia’s Council of CCHI issued a disclosure form to be used by all insurers for disclosing policyholders’ health conditions. This aims at standardization and transparency in the industry, and a reduction in fraud.

Reasons to Buy

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

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

• Assess the competitive dynamics in the personal accident and health 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 DISTRIBUTION CHANNEL OUTLOOK

5.1 Direct Marketing

5.2 Agencies

5.3 Brokers

5.4 Bancassurance

5.5 E-commerce

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

6.1.1 The company for Cooperative Insurance – company overview

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

6.1.3 Bupa Arabia for Cooperative Insurance Company – company overview

6.1.4 Malath Cooperative Insurance & Reinsurance Company – company overview

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

7 GOVERNANCE, RISK AND COMPLIANCE

7.1 Legislation Overview and Historical Evolution

7.2 Latest Changes in Regulation

7.3 Legislation and Market Practice by Type of Insurance

7.3.1 Life insurance

7.3.2 Property insurance

7.3.3 Motor insurance

7.3.4 Liability insurance

7.3.5 Marine, aviation and transit insurance

7.3.6 Personal accident and health insurance

7.4 Compulsory Insurance

7.4.1 Motor third-party liability insurance

7.4.2 Social insurance system

7.4.3 Third-party liability insurance for high-risk facilities

7.4.4 Professional indemnity insurance for insurance intermediaries

7.4.5 Liability insurance for ships with respect to oil pollution

7.5 Supervision and Control

7.5.1 International Association of Insurance Supervisors

7.5.2 Saudi Arabian Monetary Agency

7.6 Non-Admitted Insurance Regulations

7.6.1 Overview

7.6.2 Intermediaries

7.6.3 Market practices

7.6.4 Fines and penalties

7.7 Company Registration and Operations

7.7.1 Type of insurance organization

7.7.2 Establishing a local company

7.7.3 Foreign ownership

7.7.4 Types of license

7.7.5 Capital requirements

7.7.6 Solvency margins

7.7.7 Reserve requirements

7.7.8 Investment regulations

7.7.9 Statutory return requirements

7.7.10 Fee structure

7.8 Taxation

7.8.1 Insurance premium or policy taxation

7.8.2 Withholding taxes on premium paid overseas

7.8.3 Corporate tax

7.8.4 VAT

7.8.5 Captives

7.9 Legal System

7.9.1 Introduction

7.9.2 Access to court

7.9.3 Alternative dispute resolution

8 DATABOOK

8.1 Policies and Premium

8.2 Claims and Expenses

8.3 Assets and Investments

9 DEFINITIONS AND METHODOLOGY

9.1 Definitions

9.2 Methodology

10 ABOUT TIMETRIC

10.1 Contact GlobalData

10.2 About GlobalData

10.3 GlobalData’s Services

10.4 Disclaimer

Table

Table 1: Saudi Arabian Personal Accident and Health Insurance – Key Facts, 2016

Table 2: Saudi Arabian Personal Accident and Health Insurance – Segment Shares of the Top Insurers, 2016

Table 3: Saudi Arabian Government Credit Ratings

Table 4: Saudi Arabian Personal Accident and Health Insurance – Gross Written Premium (SAR Billion and US$ Billion), 2012–2016

Table 5: Saudi Arabian Personal Accident and Health Insurance – Penetration (%), 2012–2016

Table 6: Saudi Arabian Personal Accident and Health Insurance – Gross Written Premium (SAR Billion and US$ Billion), 2016–2021

Table 7: Saudi Arabian Personal Accident and Health Insurance – Penetration (%), 2016–2021

Table 8: Saudi Arabian Personal Accident and Health Insurance – Premium per Capita (SAR and US$), 2012–2016

Table 9: Saudi Arabian Personal Accident and Health Insurance – Premium per Capita (SAR and US$), 2016–2021

Table 10: Saudi Arabian Personal Accident and Health Insurance – Profitability Ratio (%), 2012–2016

Table 11: Saudi Arabian Personal Accident and Health Insurance – Profitability Ratio (%), 2016–2021

Table 12: Saudi Arabian Personal Accident and Health Insurance – Total Assets (SAR Billion and US$ Billion), 2012–2016

Table 13: Saudi Arabian Personal Accident and Health Insurance – Total Assets (SAR Billion and US$ Billion), 2016–2021

Table 14: Saudi Arabian Personal Accident and Health Insurance – Total Investment Income (SAR Million and US$ Million), 2012–2016

Table 15: Saudi Arabian Personal Accident and Health Insurance – Total Investment Income (SAR Million and US$ Million), 2016–2021

Table 16: Saudi Arabian Personal Accident and Health Insurance – Investment Portfolio (SAR Billion), 2012–2016

Table 17: Saudi Arabian Personal Accident and Health Insurance – Investment Portfolio (SAR Billion), 2016–2021

Table 18: Saudi Arabian Insurance – Industry Shares of Leading Insurers (%), 2016

Table 19: The Company for Cooperative Insurance Company – Key Facts

Table 20: The Company for Cooperative Insurance Company – Key Financials (SAR Million), 2012–2016

Table 21: The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company – Key Facts

Table 22: The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company – Key Financials (SAR Million), 2012–2016

Table 23: Bupa Arabia for Cooperative Insurance Company – Key Facts

Table 24: Bupa Arabia for Cooperative Insurance Company – Key Financials (SAR Million), 2012–2016

Table 25: Malath Cooperative Insurance & Reinsurance Company – Key Facts

Table 26: Malath Cooperative Insurance & Reinsurance Company – Key Financials (SAR Million), 2012–2016

Table 27: Al-Rajhi Company for Cooperative Insurance Company – Key Facts

Table 28: Al-Rajhi Company for Cooperative Insurance Company – Key Financials (SAR Million), 2012–2016

Table 29: Saudi Arabia – Insurance Regulatory Framework Key Features

Table 30: Saudi Arabia – Life Insurance Regulatory Framework

Table 31: Saudi Arabia – Property Insurance Regulatory Framework

Table 32: Saudi Arabia – Motor Insurance Regulatory Framework

Table 33: Saudi Arabia – Liability Insurance Regulatory Framework

Table 34: Saudi Arabia – Investment Limits for Insurance Companies

Table 35: Saudi Arabia – Corporate Tax Rates for the Financial Year 2016

Table 36: Saudi Arabian Personal Accident and Health Insurance Industry – Policies and Premium, 2012–2016

Table 37: Saudi Arabian Personal Accident and Health Insurance Industry – Policies and Premium, 2016–2021

Table 38: Saudi Arabian Personal Accident and Health Insurance – Claims and Expenses, 2012–2016

Table 39: Saudi Arabian Personal Accident and Health Insurance – Claims and Expenses, 2016–2021

Table 40: Saudi Arabian Personal Accident and Health Insurance – Assets and Investments, 2012–2016

Table 41: Saudi Arabian Personal Accident and Health Insurance – Assets and Investments, 2016–2021

Table 42: 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 Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2016

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

Figure 9: Saudi Arabian Personal Accident and Health Insurance – Gross Written Premium (SAR Billion), 2012–2021

Figure 10: Saudi Arabian Personal Accident and Health Insurance – Penetration (%), 2012–2021

Figure 11: Saudi Arabian Personal Accident and Health Insurance – Premium per Capita (SAR), 2012–2021

Figure 12: Saudi Arabian Personal Accident and Health Insurance – Profitability Ratio (%), 2012–2021

Figure 13: Saudi Arabian Personal Accident and Health Insurance – Total Assets (SAR Billion), 2012–2021

Figure 14: Saudi Arabian Personal Accident and Health Insurance – Total Investment Income (SAR Billion), 2012–2021

Figure 15: Saudi Arabian Personal Accident and Health Insurance – Investment Portfolio (SAR Billion), 2012–2021

Figure 16: Saudi Arabian Personal Accident and Health Insurance – Investment Portfolio Dynamics by Types of Investment, 2012–2021

Figure 17: Saudi Arabian Insurance – Industry Shares of Leading Insurers (%), 2016

Figure 18: Saudi Arabia – Insurance Supervision and Control at Various Levels

Figure 19: Saudi Arabia – Insurance Regulatory Frameworks for Company Registration and Operation

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