Saudi Arabia Life Insurance – Key Trends and Opportunities to 2025

Pages: 61 Published: October 28, 2021 Report Code: GDIS2380MR

The total gross written premium of life insurance market in Saudi Arabia was valued at $337.1 million in 2020. The market is projected to grow at a CAGR of more than 4% during the period 2021-2025. The pandemic increased the demand for protection and savings insurance policies in the country. Life insurance registered an increase in terms of GWP in 2020, amid the pandemic. Life insurance constituted around 3% of the total insurance industry’s GWP in 2020, along with low penetration in the same year. A lack of awareness, religious beliefs that limit the demand and social benefits for nationals provided by the government are the main factors for the low life insurance penetration in the country.

In 2020, commercial life policies led the life insurance market and remained more popular than retail life policies. The financial instability and laying-off of employees also contributed to the increased demand for insurance policies.

Overview of life insurance market in Saudi Arabia

Overview of life insurance market in Saudi Arabia

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What are the market dynamics in life insurance market in Saudi Arabia?

The COVID-19 pandemic increased the demand for protection and savings insurance policies in the country. The financial instability and laying-off of employees also contributed to the increased demand for insurance policies.  

Digitalization

The COVID-19 health crisis acted as a catalyst for the digitalization in the insurance industry in the country. Due to the remote working conditions, teleworking was introduced in the country. Insurers switched to digital channels to continue providing services to the insured.

Wearable gadgets

The market for wearable technology has significant scope in the country due to the high prevalence of chronic diseases. 25% of the population in the country has been diagnosed with diabetes. The pandemic has further increased the burden on the healthcare system in the country.

Gig economy

The gig economy gained traction in the country. High growth tech verticals, including last mile delivery, are implementing short-term gig models in their operations. The wave of the gig economy was solidified by large venture capital investment in gig work platforms such as Marn, a digital platform that connects businesses with the general population for hourly based employment opportunities, and Sabbar, an on demand blue-collar jobs staffing platform, in 2021.

Sustainable economy

Saudi Arabia is susceptible to climate changes, and it poses a great threat to the country. The country is at high risk of several natural disasters such as droughts, floods, sand and dust storms. Saudi Arabia aims to become carbon neutral and increase the renewable energy usage to 50% by 2030 by investing in solar energy projects and afforestation.

Who are the major market players in life insurance market in Saudi Arabia?

The top five companies held over 70% share in the life insurance market in Saudi Arabia. In 2020, the Alahli Takaful Company was the leading market player in the life insurance market in Saudi Arabia followed by Aljazira Takaful Taawuni Company, Al-Rajhi Company for Cooperative Insurance, SABB Takaful, and Allianz Saudi Fransi Cooperative Insurance Company.

M&A activities remained strong during the review period. Notable transactions include the merger of Arabian Shield Cooperative Insurance and Alahi Takaful Company in 2021. 

Life insurance market in Saudi Arabia, by key players

Life insurance market in Saudi Arabia, by key players

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Market report scope

Market size (Year – 2020) – Life Insurance $337.1 million (Gross Written Premiums)
Growth rate – Life Insurance CAGR of more than 4% from 2021 to 2025
Base year for estimation 2020
Forecast period 2021-2025
Key players Alahli Takaful Company, Aljazira Takaful Taawuni Company, Al-Rajhi Company for Cooperative Insurance, SABB Takaful, Allianz Saudi Fransi Cooperative Insurance Company, Wataniya Insurance Company, Alinma Tokio Marine Company, Saudi Re for Cooperative Reinsurance Company, Al Alamiya for Cooperative Insurance Company, AXA Cooperative Insurance Company

This report provides a comprehensive analysis of the life insurance segment in Saudi Arabia.

  • Provides historical values for Saudi Arabia’s life insurance segment for the report’s 2016-2020 review period, and projected figures for the 2021-2025 forecast period.
  • Offers a detailed analysis of the key categories in Saudi Arabia’s life insurance segment, and market forecasts to 2025.
  • Profiles the top life insurance companies in Saudi Arabia and outlines the key regulations affecting them. 

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to Saudi Arabia’s life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in Saudi Arabia’s life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Key Players

Alahli Takaful Company
Aljazira Takaful Taawuni Company
Al-Rajhi Company for Cooperative Insurance
SABB Takaful
Allianz Saudi Fransi Cooperative Insurance Company
Wataniya Insurance Company
Alinma Tokio Marine Company
Saudi Re for Cooperative ReInsurance Company
Al Alamiya for Cooperative Insurance Company
Axa Cooperative Insurance Company

Table of Contents

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Summary Trends and KPIs

Distribution Channels

Competitive Landscape

Competitor Profiles

Reinsurance

Regulatory and Compliance

Insurtech

Appendix

Frequently Asked Questions

The total gross written premium of life insurance market in Saudi Arabia was valued at $337.1 million in 2020.

The life insurance market in Saudi Arabia is projected to grow at a CAGR of more than 4% during the period 2021-2025.

In 2020, Alahli Takaful Company led the life insurance market in Saudi Arabia followed by Aljazira Takaful Taawuni Company, Al-Rajhi Company for Cooperative Insurance, SABB Takaful, and Allianz Saudi Fransi Cooperative Insurance Company.

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