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

Saudi Arabia General Insurance Market Report Overview

The gross written premium of the Saudi Arabia general insurance market was SAR51.5 billion ($13.7 million) in 2022. The market is expected to achieve a CAGR of more than 6% during 2023-2027. The Saudi Arabia general insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the Saudi Arabia general 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 General 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 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 General Insurance Market Trends

ESG, telehealth, and encouragement to foreign direct investment (FDI) are some of the market trends impacting the Saudi Arabian GI industry.

SAMA is encouraging foreign direct investment (FDI) in the insurance industry to meet the rising demand for insurance, increase competitiveness and diversification within the sector, and introduce newer business models to the country’s insurance market. As a part of this initiative, in February 2023, SAMA announced the licensing of Cigna Worldwide Insurance to be the first foreign health insurance company with a branch in Saudi Arabia. The Saudi regulator is also encouraging FDI in the insurance distribution channels by inviting global insurance brokers to invest and acquire ownership stakes in domestic insurance entities.

Saudi Arabia General Insurance Market Segmentation by Lines of Business

The key lines of business in the Saudi Arabia general insurance market are property, motor, liability, MAT, and non-life PA&H. Non-life PA&H had the highest market share in the Saudi Arabia general insurance market in 2022. It was followed by motor insurance.

The COVID-19 pandemic caused a reduction in the use of healthcare services resulting in a subsequent drop in health insurance claims. In 2022, health insurance claims increased with the usage of healthcare services returning to normalcy. Furthermore, under Vision 2030, the Government plans to invest more than $64 billion to develop the country’s healthcare infrastructure. To improve the quality and efficiency of health services, in September 2022, the Council of Cooperative Health Insurance (CHIC) urged all health insurers to launch an updated package of benefits and insurance coverage limits for the policyholders from October 1, 2022.

Saudi Arabia General Insurance Market Analysis by Lines of Business, 2022 (%)

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Saudi Arabia General Insurance Market Segmentation by Distribution Channels

The key distribution channels in the Saudi Arabia general insurance market are direct marketing, insurance brokers, and agencies. Direct marketing led the distribution channels in 2022. Direct marketing is popular due to its cost-effective nature, with no intermediaries. An increase in the use of online and app-based purchasing methods expanded digital sales.

Saudi Arabia General Insurance Market Analysis by Distribution Channels, 2022 (%)

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Saudi Arabia General Insurance Market - Competitive Landscape

Some of the leading insurers in Saudi Arabia are The Company for Cooperative Insurance, Al-Rajhi Company for Cooperative Insurance, Walaa Cooperative Insurance, Gulf Insurance Group (Saudi Arabia), and AL-Etihad Cooperative Insurance among others. The Company for Cooperative Insurance was the leading general insurer in 2022. It was followed by Al-Rajhi Company for Cooperative Insurance and Walaa Cooperative Insurance.

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

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Segments Covered in the Report

Saudi Arabia General Insurance Market Lines of Business Outlook (Value, SAR Billion, 2018-2027)

• Property
• Motor
• Liability
• MAT
• Non Life PA&H

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

• Direct Marketing
• Insurance Brokers
• Agencies

Scope

This report provides:

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

Reasons to Buy

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