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  4. > Saudi Arabia Insurance Report Q4 2016

Saudi Arabia Insurance Report Q4 2016

  • October 2016
  • -
  • Business Monitor International
  • -
  • 45 pages

Includes 3 FREE quarterly updates

BMI View:

Within the non-life segment, growth in premiums through the forecast period will continue to be driven by developments in two sub-sectors. There should be higher volumes, if not prices, in the motor vehicle insurance sub-sector because of expansion in the number of vehicles on Saudi Arabia's vehicles. Higher volumes and inflation in healthcare costs should ensure that health insurance, which is already by far the most important sub-sector, continues to achieve high single digit growth rates. Meanwhile, the life insurance segment should remain at an embryonic level of development.


Key Updates And Forecasts

- This quarter, we have revised down our forecasts for the non-life segment. This is because the data published by the regulator in relation to 2015 indicates that we had been overly optimistic in relation to the health insurance sub-sector. Previously, we had anticipated that health insurance premiums would rise from SAR17.8bn in 2015 to SAR20.3bn in 2016 to SAR32.9bn in 2020, the last year of the forecast period. Now the corresponding figures are SAR15.9bn, SAR17.2bn and SAR23.9bn.

- Saudi Arabia will remain one of the largest and rapidly growing markets for shari'a-compliant insurance globally. Health insurance specialists, such as Bupa Arabia, will gain market share. For now, we still forecast that the competitive landscape is unlikely to undergo a major consolidation through the forecast period.

Table Of Contents

Saudi Arabia Insurance Report Q4 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Saudi Arabia 2013-2020) 5
SWOT 6
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Saudi Arabia 2013-2020) 10
Table: Life Insurance Claims (Saudi Arabia 2008-2014) 11
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Saudi Arabia 2013-2020) 15
Table: Non-Life Insurance Claims (Saudi Arabia 2009-2015) 16
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums by Product Line (Saudi Arabia 2013-2020) 24
Insurance Risk/Reward Index 25
MENA Insurance Risk/Reward Index 25
Table: MENA Insurance Risk/Reward Index - Q416 26
Market Overview 27
Life Market Overview 27
Product Offering 27
Competitive Landscape 27
Non-Life Market Overview 28
Product Offering 28
Competitive Landscape 28
Table: Non-Life Insurance Market (USDmn), 2007-2012 30
Table: Non-Life Insurance Market (%), 2007-2012 31
Company Profile 32
Islamic Arab Insurance Company (Salama) 32
MedGulf 34
Tawuniya 36
Methodology 39
Industry Forecast Methodology 39
Sector-Specific Methodology 40
Risk/Reward Index Methodology 42
Table: Indicators 44
Table: Weighting of Indicators 45

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