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Saudi Arabia Insurance Market Analysis
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Published: Jul 2011 | Pages: 50 | Pub ID: MM1299477585 |
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The insurance industry in Saudi Arabia has been flourishing for the past few years and effectively resisted the after-impacts of recession. This was mainly due to the strong domestic funding and high investments level. Strict regulation on the part of Saudi Arabian Monetary Authority (SAMA) facilitated the market developments and better laws further improved the structure.
According to our new research report “Saudi Arabia Insurance Market Analysis”, health insurance has emerged as one of the fastest growing segments in the Saudi Arabian insurance sector. With 53% share of the total insurance premium during 2010, health insurance has become a key growth driver for the overall market. Moreover, as health insurance has become compulsory for expatriates, the country is on its way to witness significant surge in the number of insured people. The share of gross health insurance is likely to reach around 59% by 2014 end.
Under the general insurance sector, sub-segments, such as engineering insurance, aviation insurance, and motor insurance will contribute towards the growth of the overall industry. Impressive performance by these segments is likely to propel the general insurance sector which, in turn, is expected to grow at a CAGR of around 12% during 2011-2014.
The future outlook of Saudi Arabia insurance sector is highly optimistic as there is a strong inherent growth potential in the market. Factors, such as low penetration, strong government support, and rising awareness level are likely to propel the number of persons opting for insurance plans. Takaful insurance, in such a scenario, will play a vital role.
“Saudi Arabia Insurance Market Analysis” provides an in-depth insight on the current performance of the various key insurance segments in Saudi Arabia. It provides a detail overview of all the segments and takes help of reliable data and statistics. The report also investigates the current trends prevailing in the market and analyzes their significance level. Overall, the report is likely to help clients in getting strong grip on the Saudi Arabia insurance sector. |
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| By: RNCOS |
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