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Saudi Arabia

Life Report

Product Insurance Market Reports Life Rev Saudi Arabia

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Saudi Arabia's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Saudi Arabia's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Saudi Arabia

The Saudi Arabia life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Saudi Arabia. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Saudi Arabia and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Saudi Arabia’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Saudi Arabia is available.

Axco’s report describes the regulatory framework that applies to the Saudi Arabian domestic life insurance sector, including whether non-admitted insurance is permitted in Saudi Arabia; as well as the legislation necessary to know regarding Saudi Arabia’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Saudi Arabia with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Saudi Arabian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Saudi Arabia, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Saudi Arabian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Saudi Arabia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Saudi Arabia Life and Benefits Report Extract

Below are brief extracts of information from the Saudi Arabia Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

The Saudi Central Bank reported that COVID-19 is expected to have only a moderate impact on the Saudi insurance market. Globally, life insurers are expected to be more affected than non-life insurers although the Saudi insurance market is mainly made up of non-life and healthcare business; the government has announced that it will cover healthcare costs related to COVID-19 for all residents, limiting the impact on healthcare insurers. Most of insurer investments are in short-term high-quality liquid investments whilst foreign investments are subject to a limit of 20% ....

Pensions

The General Organization for Social Insurance (GOSI) administers a social security scheme for Saudi nationals first introduced in 1969 (implemented in 1973), updated in 2000 under the auspices of the Ministry of Human Resources and Social Development. The GOSI scheme covers the provision of retirement and long-term disability pensions for Saudi nationals through the Annuities Branch (AB) of GOSI.

Several companies market individual takaful products that can serve to supplement state pensions ....

Healthcare

SAMA reported that COVID-19 is expected have only a moderate impact on the Saudi insurance market. Globally, life insurers are expected to be more affected than non-life insurers although the Saudi insurance market is mainly made up of non-life and healthcare business; the government has announced that it will cover healthcare costs related to COVID-19 for all residents, limiting the impact on healthcare insurers. Most of insurers' investments are in short-term high-quality liquid investments whilst foreign investments are subject to a limit of 20% with insurers are expected to be in a good position to absorb losses from the pandemic.

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