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The overall insurance coverage market in Saudi Arabia is about to develop at a CAGR of 5.2% between 2024 and 2028.
This is able to take the overall insurance coverage business from SAR68.3bn ($18.2bn) in 2024 to SAR83.7bn ($22.3bn) in 2028 by way of GWP.
In response to GlobalData and its insurance coverage database, additionally, the overall insurance coverage business will develop by 8.1% in 2024.
Well being and motor insurance coverage traces, accounting for 86% of the overall normal insurance coverage GWP in 2023, will assist this progress.
Sutirtha Dutta, insurance coverage analyst at GlobalData, commented: “The Saudi Arabian normal insurance coverage business witnessed excessive progress of 27.7% in 2022 and 22.8% in 2023. The expansion was supported by favorable regulatory developments in motor and medical insurance traces, rising building actions, growing choice for specialised healthcare, and rising motorcar gross sales.”
Nonetheless, the expansion is predicted to stablise from 2024 in step with financial progress because the nation shifts from oil to develop different sectors equivalent to transport, logistics, expertise, and metals.
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By GlobalData
Private Accident and Well being (PA&H) insurance coverage is the main line of enterprise, accounting for a 63.2% share of Saudi Arabia normal insurance coverage GWP in 2023.
Moreover, PA&H insurance coverage grew by 25.5% in 2023, pushed by an increase in well being consciousness and rising demand for specialised healthcare.
Motor insurance coverage is the subsequent largest line of enterprise, accounting for 23.1% of normal insurance coverage GWP in 2023. It’s anticipated to extend by 41.4% in 2023, pushed by rising car gross sales.
Dutta added: “The enlargement of the healthcare and building industries as a part of the Imaginative and prescient 2030 program will drive the expansion of Saudi Arabia’s normal insurance coverage business. The nation’s shift from an oil-based economic system will promote growth in different sectors and supply progress alternatives for normal insurers over the subsequent 5 years.”
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