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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Saudi Arabian non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Saudi Arabia's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Saudi Arabia non-life (P&C) market as well as trends by line of business. Axco analysts also report on Saudi Arabia's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Saudi Arabia's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Saudi Arabia, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Saudi Arabia, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Saudi Arabia with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
Before The Cooperative Insurance Companies Control Law of 2003 the Saudi insurance market was largely unregulated and insurance itself had no formal legal status. The Saudi market went through an initial phase of transition as insurance companies were licensed and supervised in a stricter regulatory environment. The second phase of development involved regulatory reform as the market regulator issued new rules to implement higher standards across the industry sectors, including anti-money laundering, reinsurance, broking, actuarial work, outsourcing and risk management regulations. The current phase of development involves establishing and encouraging best practice in crucial areas ....
This is a brief extract of information; more updated information may be available in the latest published report.