High Growth Potential in Saudi Arabia Insurance Sector

News

Press Release – According to our new research report, “Saudi Arabia Insurance Market Analysis”, Saudi Arabian insurance market has undergone a transitional phase over the past few years. Backed by factors, such as rising disposable income and strong economic performance, gross insurance premium reached to the mark of SAR 16.4 Billion (US$ 4.4 Billion) in 2010. There also exist other key growth areas, such as takaful insurance and bancassurance that will drive the market in future. Enforcement of compulsory health insurance system on citizens and expatriates will also act as a significant driver and it is expected that Saudi Arabian insurance premiums will grow at a CAGR of around 15% during 2011-2014.

We have found that aviation insurance sector in Saudi Arabia has crafted a niche for itself by occupying the position of one of the fastest general insurance businesses in the country. Though quite small, gross premiums in aviation insurance market posted YOY growth of around 75% in 2010. Further, it is expected to maintain the growth momentum in the coming years as the number of fleets continues to escalate in the country.

The report, “Saudi Arabia Insurance Market Analysis”, analyzes the overall Saudi Arabian insurance market in a prudent manner by providing an effective insight into the segments, such as health insurance, protection & saving insurance, and general insurance. Further, the report illustrates the sub-segments under the general insurance category. The report also gives significant description of the macro-economic factors present in the market and investigates their impact.

The report is an outcome of an extensive research and in-depth analysis of the Saudi Arabian insurance sector that provides reliable statistics and effective presentation. The forecasting sections in the report make use of suitable methods and proper base so that the outlook may seem more realistic. Last though not the least, the competitive landscape section deals with the private sector activities. Overall, the report is likely to facilitate clients and provide them with an insight of the Saudi Arabian insurance sector.