Saudi Arabia Insurance Industry – Governance, Risk and Compliance
The Saudi Arabia insurance market report is the result of extensive research into the insurance regulatory framework in the country. It provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health, marine, aviation, and transit insurance.
The report also specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Furthermore, the report includes the scope of non-admitted insurance in the country.
What are the market dynamics in the Saudi Arabia insurance industry?
The Saudi Arabian Monetary Agency (SAMA) was established in 1952 to supervise the country’s financial operations. SAMA began supervising insurance operations through the enactment of a Royal Decree on July 31, 2003. It functions following the guidelines stipulated in the Cooperative Insurance Companies Control Law 2005 and its subsidiary legislations. The primary responsibilities of SAMA in the insurance industry include protecting consumers or holders of insurance contracts, licensing companies involved in the insurance business, among others.
What are the types of licenses issued in the Saudi Arabia insurance industry?
The different types of insurance licenses issued in the Saudi Arabian insurance industry are general insurance license, health insurance license, licenses for protection and savings insurance, reinsurers license, and license for intermediaries.
Saudi Arabia insurance industry, by license type
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Which other associations oversee the Saudi Arabia insurance industry?
The key associations that oversee the Saudi Arabian insurance industry are the International Association of Insurance Supervisors (IAIS) and the Capital Market Authority (CMA).
International Association of Insurance Supervisors
The IAIS is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in over 140 countries. The IAIS formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. It works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The primary objectives of the IAIS are to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe, and stable insurance operations for the benefit and protection of policyholders, and to contribute to global financial stability.
Capital Market Authority (CMA)
The Capital Market Authority (CMA) is a government organization applying full financial, legal, and administrative independence, and has direct links with the Prime Minister. The CMA regulates and develops the Saudi Arabian Capital Market by issuing required rules and regulations for implementing the provisions of the Capital Market Law issued by the Royal Decree Number (M/30), dated June 2, 2003.
The organization’s responsibilities include developing and regulating the capital market, protecting investors from unfair market practices, control mechanism, issuance of securities transactions, business activities, information disclosure, maintaining transparency in financial transactions, regulating, and monitoring the companies operating under the CMA.
Market report scope
| Key license types | General Insurance License, Health Insurance License, Licenses for Protection and Savings Insurance, Reinsurers License, and License for Intermediaries |
| Key associations | International Association of Insurance Supervisors (IAIS) and Capital Market Authority (CMA) |
Scope
- The report covers details of the insurance regulatory framework in Saudi Arabia.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments about the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country
- Gain insights into the insurance regulatory framework in Saudi Arabia.
- Track the latest regulatory changes and expected changes impacting the Saudi Arabian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices about various types of insurance products.
Table of Contents
List of Tables
List of Figures
Frequently Asked Questions
The key license types issued in the insurance industry in Saudi Arabia are general insurance license, health insurance license, licenses for protection and savings insurance, reinsurers license, and license for intermediaries.
The key associations overseeing the insurance industry in Saudi Arabia are the International Association of Insurance Supervisors (IAIS) and the Capital Market Authority (CMA).
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Every customer’s requirement is unique. We understand that and can customize the report basis your exact research requirements pertaining to market insights, innovation insights, strategy and planning, and competitive intelligence. You can also avail the option of purchasing stand-alone sections of the report or request for a country specific report.
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Testimonial
“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.
GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”
“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”
Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.
Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.
Related reports
View more Financial Services reports
Governance, Risk and Compliance – The Saudi Arabian Insurance Industry
GlobalData’s "Governance, Risk and Compliance – The Saudi Arabian Insurance Industry", report is the result of extensive research into the insurance regulatory framework in Saudi Arabia.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Saudi Arabia, including –
– An overview of the insurance regulatory framework in Saudi Arabia.
– The latest key changes, and changes expected in the country’s insurance regulatory framework.
– Key regulations and market practices related to different types of insurance product in the country.
– Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Saudi Arabia.
– Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
– Details of the tax and legal systems in the country.
Key Highlights
– The insurance industry of Saudi Arabia is regulated by the Saudi Arabian Monetary Agency.
– 100% FDI is permitted in the Saudi Arabian insurance industry.
– Composite insurance is permitted in Saudi Arabia; provided composite insurers have separate risk managers, reinsurance managers and separate investments for life and general insurance business.
– Non-admitted insurers and intermediaries are not permitted, with a few exceptions.
– Motor third-party liability insurance and workmen’s compensation insurance are the key compulsory classes of insurance.
Scope
– The report covers details of the insurance regulatory framework in Saudi Arabia.
– The report contains details of the rules and regulations governing insurance products and insurance entities.
– The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
– The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
– The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
– Gain insights into the insurance regulatory framework in Saudi Arabia.
– Track the latest regulatory changes, and expected changes impacting the Saudi Arabian insurance industry.
– Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
– Understand key regulations and market practices pertaining to various types of insurance product.
Table of Contents
List of Tables
List of Figures
Get in touch to find out about our multi-purchase discounts
reportstore@globaldata.com
Tel +44 (0) 20 7947 2960
Every customer’s requirement is unique. We understand that and can customize the report basis your exact research requirements pertaining to market insights, innovation insights, strategy and planning, and competitive intelligence. You can also avail the option of purchasing stand-alone sections of the report or request for a country specific report.
Still undecided about purchasing this report?
Testimonial
“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.
GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”
“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”
Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.
Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.
Related reports
View more Financial Services reports