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)
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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)|
|Key Distribution Channels||· Direct marketing
· Insurance Broker
|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 (%)
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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 (%)
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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
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 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.
Arabian Shield Cooperative Insurance
Aljazira Takaful Taawuni
Walaa Cooperative Insurance
Allianz Saudi Fransi Cooperative Insurance
Alinma Tokio Marine
Gulf Insurance Group (Saudi Arabia)
Table of Contents
Regulatory and Compliance
Key Market Trends
Trends and KPIs
Deals and Jobs
Frequently asked questions
What was the Saudi Arabia life insurance market gross written premium in 2022?
The gross written premium of the Saudi Arabia life insurance market SAR1.9 billion ($499.6 million) in 2022.
What is the growth rate of the Saudi Arabia life insurance market?
The life insurance market in Saudi Arabia is expected to achieve a CAGR of more than 9% during 2023-2027.
Which distribution channel held the highest share in the Saudi Arabian life insurance market?
Direct marketing was the leading channel in 2023 in the Saudi Arabia life insurance market.
Who are the key companies operating in the Saudi Arabia life insurance market?
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.
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