Saudi Insurance

Pages 62
Tables 15
Charts 41
Price $450

The Saudi Insurance industry is one of the fastest growing insurance industries in the world. The industry grew at a CAGR of 18.5% from 2011 to 2015 a.....


The Saudi Insurance industry is one of the fastest growing insurance industries in the world. The industry grew at a CAGR of 18.5% from 2011 to 2015 as gross written premiums reached USD 9.85 Bn. Saudi Arabia constitutes the second largest insurance market in the GCC region and accounts for 36.7% of total gross premium. The industry has got potential to grow considering its growing population and economic growth. Saudi Arabian insurers operate in a unique cooperative model which is different from the pure Takaful model. It does include provisions for segregating the Takaful funds from shareholder funds, appointment of Sharia boards or requirement to invest in sharia compliant manner. The report on Saudi Insurance provides a detailed analysis of the industry in Saudi Arabia along with the current size and growth of the industry. Various types of insurance prevailing in the market have been analysed along with an analysis of the major market players. Growth drivers and industry challenges have been discussed along with the various emerging trends that are currently witnessed in the industry. The report also highlights the regulatory framework of the industry.


  1. Executive Summary
  2. Industry Overview
    • Industry Structure 
    • Market Size of Insurance Industry
    • Status of Insurance Industry
  3. Saudi Industry Analysis
    • Industry Composition
    • Segment wise Analysis
    • Performance of Insurance companies
  4. Growth Drivers
    • Mandatory Insurance
    • Increasing Awareness
    • Favorable Demographics
    • Increasing per capita Income
    • Economic Diversification
    • Demand for Islamic Insurance
  5. Regulatory Framework
    • Regulations
    • Control
  6. Emerging Trends
    • Distribution channels
    • Enterprise Risk Management 
    • Automation of Underwriting
  7. Challenges
    • Lack of Human Capital
    • Increasing competition
    • Inflation and Low Interest Rates
  8. Major Market Players
    • The Company for Cooperative Insurance (Tawuniya)
    • Bupa Arabia for Cooperative Insurance
    • Mediterranean & Gulf Insurance & Reinsurance Co.
  9. Glossary

Tables & Charts

2.1    Insurance penetration has increased from 1.08% in 2014 to 1.5% in 2015
2.2    KSA GWP by Segment and Growth, 2010-2015
2.3    Insurance penetration is very low in Saudi Arabia compared to other regions in the world - 2015
2.4    KSA Insurance Penetration by Segment and growth
2.5    KSA insurance density has decreased in P&S segment (USD per capita)
2.6    KSA Retention Ratio was not declared in the P&S segments due to the distortion by the savings component
3.1    Number of people health insured in KSA through 2008-2015 
3.2    KSA Automotive Market – Key Indicators
3.3    Credit Rating of Insurance Companies
6.1    Bancassurance Alliances in Saudi Arabia
8.1    Offerings provided by the Company for Cooperative Insurance
8.2    Financial Information of the Company for Cooperative Insurance, 2012-15 (USD Bn)
8.3    Financial Information of Bupa Arabia for Cooperative Insurance, 2012-2015 (USD Bn)
8.4    Offerings provided by MedGulf
8.5    Financial Information of MedGulf, 2015-2012 (USD Bn)

2.1    Saudi Arabia’s takaful insurance premium exceeds that of ASEAN (USD Mn)
2.2    Takaful growth in KSA is mainly due to sharia preferences of customers and government regulations (USD Mn)
2.3    GWP by Segment as % of total, 2010-2015
2.4    KSA Insurance Density (USD Per capita)
2.5    KSA Gross Claims have increased continuously
2.6    KSA Insurance Gross Claims have increased significantly for Property and A&L (USD Mn)
2.7    NEP and NCI has increased in 2015  
2.8    KSA Insurance ROE and ROA have recovered
2.9    KSA Insurance Market Profitability in terms of Net Result in USD Mn, 2011-2015
3.1    Motor and Health take up most of the share of the Saudi Insurance Industry
3.2    Population growth rate is expected to stagnate around 2% for Saudi Arabia in the coming years
3.3    Obesity Adult Prevalence rates in KSA have been increasing since recent years and are at alarmingly high levels
3.4    Prevalence of diabetes in adults by age
3.5    Number of Hospitals and Beds in KSA, 2008-2015
3.6    Health Expenditure % of GDP, 2010-2016f
3.7    Healthcare Insurance Market (Gross Written Premiums – USD bn) 2010-2015
3.8    Healthcare Insurance Market registered the largest GWP amongst all insurance segments (USD bn)
3.9    Motor Insurance more than doubled since 2012 following its mandatory introduction (USD Bn)
3.10    Motor Insurance has the highest retention ratio of 91.8% during 2015 (USD Bn)
3.11    Property insurance market has increased at a constant pace (USD bn)
3.12    Housing Market Size Vs Total Population (in thousands), 2004-2020
3.13    Incremental Housing Demand, 2011-2020(f)
3.14    Riyadh Office Supply (000’s sq.), 2012-2016f
3.15    Jeddah Office Supply (000’s sq.), 2012-2016f
3.16    Marine Insurance Market was stagnant with almost no growth in 2010 and 2015 (USD Bn)
3.17    Growth in TEUs 2009-14
3.18    Saudi Arabia’s DWT (Dead weight tonnage) has more than doubled since 2013
3.19    Merchant Fleets in KSA, 2011-2016
3.20    Energy Insurance Market decreased in 2014 as compared to continuous increase since 2008 (USD Bn)
3.21    A&L Insurance Market has picked up and doubled since the financial crisis of 2009-10 (USD Bn)
3.22    Aviation Insurance Market Size in terms of GWP, 2010-2015 (USD Bn)
3.23    Saudi Arabia Domestic Passenger Traffic, 2007-2013
3.24    P&S Insurance Market in GWP, 2010 – 2015 (USD Bn)
4.1    Population of Working Age group 15-64 (% of total) in Saudi Arabia, 1990-2030
4.2    Saudi Arabia Population Pyramid in 2010
4.3    Saudi Arabia Population Pyramid in 2050f
4.4    KSA Gross National Income per capita at Current price (in USD), 2008-2015
4.5    Growth of Real, Oil and Non-oil GDP
4.6    Saudi Arabia Sector Contribution in terms of Real GDP, 2008-2015
6.1    Comparison of Cession Rates in 2014
8.1    Gross written Premium of Insurance companies in 2015 (SR Mn)



Saudi Insurance

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