Saudi Arabia Life Insurance Market Size, Trends, Distribution Channel, Competitive Landscape and Forecast, 2021-2026
Saudi Arabia Life Insurance Market Report Overview
The gross written premium of the Saudi Arabia life insurance market was SAR1.7 billion ($455.3 million) in 2021 and is expected to achieve a CAGR of more than 9% during 2021-2026. The Saudi Arabia life insurance market research report provides in-depth market analysis, information, and insights into the Saudi Arabian life insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.
The report analyzes distribution channels operating in the segment, gives a comprehensive overview of Saudi Arabia’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Saudi Arabia Life Insurance Market Outlook
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Saudi Arabia Life Insurance Market Trends
In November 2022, SAMA introduced a regulatory framework on open banking to enable banks and fintech to provide open banking services in the country. The initial two stages will focus on Account Information Service (AIS) and then Payment Initiation Service (PIS). Furthermore, SAMA is promoting the development of fintech for better integration of financial services, ease of purchase, and inclusivity. The e-wallet is one such example and it is being touted as essential in financial inclusivity and for seamless financial transactions.
Saudi Arabia Life Insurance Market - Competitive Landscape
Some of the leading life insurance companies in Saudi Arabia are Al-Rajhi Company, Aljazira Takaful Taawuni Company, SABB Takaful, Walaa Cooperative Insurance Company, Allianz Saudi Fransi Cooperative Insurance Company, Alinma Tokio Marine Company, AXA Cooperative Insurance Company, and Al Alamiya for Cooperative Insurance Company. Al-Rajhi led life insurance in 2021. It was also the fastest-growing insurer.
It provides Sharia compliance insurance and reinsurance solutions to individuals as well as medium-size and small businesses, and corporate customers. The insurer offers protection and savings insurance to individuals, SMEs, and corporates, as well as Islamic life insurance products to individuals and SMEs. It also provides online renewal premium payment services for protection and savings insurance.
Saudi Arabia Life Insurance Market Analysis, by Companies
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Saudi Arabia Life Insurance Market Report Overview
| Market Size (2021) | SAR1.7 billion ($455.3 million) |
| CAGR (2021-2026) | >9% |
| Leading Companies | Al-Rajhi Company, Aljazira Takaful Taawuni Company, SABB Takaful, Walaa Cooperative Insurance Company, Allianz Saudi Fransi Cooperative Insurance Company, Alinma Tokio Marine Company, AXA Cooperative Insurance Company, and Al Alamiya for Cooperative Insurance Company |
Scope
This report provides a comprehensive analysis of the life insurance segment in Saudi Arabia –
- It provides historical values for the Saudi Arabian life insurance segment for the report’s review period and projected figures for the forecast period.
- It 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 the Saudi Arabia life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Saudi Arabian life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Key Players
Table of Contents
Frequently Asked Questions
The gross written premium of the Saudi Arabian life insurance market was SAR1.7 billion ($455.3 million) in 2021.
The life insurance market in Saudi Arabia is expected to achieve a CAGR of more than 9% during 2021-2026.
The leading insurance companies in the Saudi Arabia life insurance industry are Al-Rajhi Company, Aljazira Takaful Taawuni Company, SABB Takaful, Walaa Cooperative Insurance Company, Allianz Saudi Fransi Cooperative Insurance Company, Alinma Tokio Marine Company, AXA Cooperative Insurance Company, and Al Alamiya for Cooperative Insurance Company.
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