Saudi Arabia Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

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Saudi Arabia Life Insurance Market Report Overview

The gross written premium of the Saudi Arabia life insurance market was SAR1.9 billion ($499.6 million) in 2022 and is expected to achieve a CAGR of more than 9% during 2023-2027. The Saudi Arabia life insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for Saudi Arabia’s 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.

Saudi Arabia Life Insurance Market Outlook, 2022-2027 (SAR Billion)

Saudi Arabia Life Insurance Market Outlook, 2022-2027 (SAR Billion)

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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of the Saudi Arabia economy and demographics, and provides detailed information on the competitive landscape in the country. It 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.

Market Size (2022) SAR1.9 billion ($499.6 million)
CAGR (2023-2027) >9%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Distribution Channels ·        Direct marketing

·        Insurance Broker

·        Agencies

Leading Companies ·        Al-Rajhi Company for Cooperative Insurance

·        Arabian Shield Cooperative Insurance Company

·        Aljazira Takaful Taawuni Company

·        Walaa Cooperative Insurance Company

·        Allianz Saudi Fransi Cooperative Insurance Company

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Saudi Arabia Life Insurance Market Trends

Focus on ESG, encouragement of foreign direct investment (FDI), and focus on telehealth are some of the recurring trends in the Saudi Arabia life insurance market. For instance, hybrid models of healthcare delivery that involve both face-to-face and remote care are emerging post-coronavirus (COVID-19) pandemic by adopting digital health solutions, such as telemedicine. Saudi Arabia is expected to witness strong growth in telehealth which consists of virtual consultations, mHealth, and remote patient monitoring, and will increase by 2025.

Saudi Arabia Life Insurance Market Segmentation by Distribution Channels

The key distribution channels in the Saudi Arabian life insurance industry are direct marketing, insurance broker, and agencies. Direct marketing is the most popular distribution channel in the life insurance segment; accounting for more than 81% share of new business direct written premiums (DWP) in 2022.

Saudi Arabia Life Insurance Market Analysis by Distribution Channels, 2023 (%)

Saudi Arabia Life Insurance Market Analysis by Distribution Channels, 2023 (%)

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Saudi Arabia Life Insurance Market - Competitive Landscape

Some of the leading life insurance companies in Saudi Arabia are Al-Rajhi Company for Cooperative Insurance, Arabian Shield Cooperative Insurance Company, Aljazira Takaful Taawuni Company, Walaa Cooperative Insurance Company, and Allianz Saudi Fransi Cooperative Insurance Company among others. The Al-Rajhi Company for Cooperative Insurance was the largest life insurer in 2022.

Saudi Arabia Life Insurance Market Analysis by Companies, 2022 (%)

Saudi Arabia Life Insurance Market Analysis by Companies, 2022 (%)

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Segments Covered in the Report

Saudi Arabia Life Insurance Distribution Channel Outlook (Value, SAR Billion, 2018-2027)

  • Direct insurer
  • Insurance Broker
  • Agencies

Scope

This report provides:

  • A comprehensive analysis of the life insurance segment in Saudi Arabia
  • Historical values for the Saudi Arabia life insurance segment for the report’s review period and projected figures for the forecast period
  • Profiles of the top life insurance companies in Saudi Arabia and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of the Saudi Arabia life insurance segment.
  • A comprehensive overview of the Saudi Arabia economy, government initiatives and investment opportunities.
  • The Saudi Arabia insurance regulatory framework’s evolution, key facts, taxation regime, licensing and capital requirements.
  • The Saudi Arabia life insurance segment’s market structure gives details of lines of business.
  • The Saudi Arabia life reinsurance business’ market structure gives details of premium ceded along with cession rates.
  • Distribution channels deployed by the Saudi Arabia life insurers.
  • Details of the competitive landscape and competitors’ profiles.

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 Arabia life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Al-Rajhi Company for Cooperative Insurance
Arabian Shield Cooperative Insurance
Aljazira Takaful Taawuni
Walaa Cooperative Insurance
Allianz Saudi Fransi Cooperative Insurance
Alinma Tokio Marine
Gulf Insurance Group (Saudi Arabia)
Wataniya Insurance

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Distribution Channel

Competitive Landscape

Deals and Jobs

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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