Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Saudi Arabia Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Saudi Arabia includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
Saudi Arabia covers about 80% of the Arabian Peninsula. The Saudi non-life insurance market, excluding health business, fell by 4.93% in 2017, having grown by only 4.12% in 2016. This followed strong growth over the previous five years. Total market gross premium income that year amounted to SAR 36.50bn.
In 2019 there were 32 licensed insurance and insurance/reinsurance companies, and one pure reinsurance company in the market.
Distribution systems, which remained traditional for many years, have been evolving in line with the progressive changes taking place in the market as a result of the impact of the Cooperative Insurance Companies Control Law, subsequent regulations and increasing competition in the market