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The insurance industry in the Kingdom of Saudi Arabia has been witnessing unique changes, and thus, an exceptional growth is expected in the sector in the years to come, says RNCOS.
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Saudi Arabia has emerged as one of the most attractive insurance markets in the Gulf Co-operation Council (GCC) region. In the recent years, the Kingdom's insurance industry has progressed well, and its contribution grew equivalent to 1% of the GDP in 2010. RNCOS, in its latest report "Saudi Arabia Insurance Market Analysis", says that rising working population and compulsory insurance are expected to lead the industry's future growth. It is anticipated that the gross insurance premium will witness a CAGR of around 17% during 2011-2015.
Research Analysis and Highlights
Spread over 65 pages, the report provides a detailed research and balanced analysis of the current status and expected position of the insurance industry in Saudi Arabia. Forecasts on gross written premium in health, protection and savings and general insurance for motor, property, and fire, among others are vital part of the study, which analyzes regulatory environment and the industry's growth potentials. Highlighting the current performance and growth challenges, the research portrays an impartial picture of the industry for clear understanding of clients.
Some of the report's key highlights include:
- In 2010, health insurance segment contributed over 50% to the total gross insurance premiums during 2010.
- The motor insurance was the largest grosser of premium among all general insurance sub-segments.
- The general premium ceded in 2010 accounted for 43.4% of the general gross premium.
- The diversification of economy is encouraging adoption and distribution of insurance in the Kingdom.
About RNCOS
RNCOS specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals analyze the industry and its various components, with a comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.
Contact Information
Shushmul Maheshwari
RNCOS E-Services Pvt. Ltd.
B 129 Sector 6
Noida 201301
Noida
201301
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