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Saudi Arabia Insurance Report Q1 2016

  • December 2015
  • -
  • Business Monitor International
  • -
  • 60 pages

Includes 3 FREE quarterly updates

BMI View:

Key Updates and Forecasts

- With 968% market share for non-life insurance and merely 32% for life insurance in 2016, there existsan exceptional difference between the two major segments Nonetheless, both segments areunderdeveloped by most standards With per-capita premiums of USD95 and USD287 in life and nonlifeinsurance respectively, the sector (especially life) does not provide particularly strong investmentopportunities However, this does not imply a complete absence of opportunities Both major segmentsare expected to grow steadily over the next years

- Life insurance proves particularly difficult to sell to the Saudi population as it is habituated to generoussocial security and suspicious of financial products that potentially violate Islamic curbs on interest andspeculation Accordingly, life premiums growth hinges especially on the growth of the local expatriateworkforce Overall, we anticipate very low single-digit growth rates over the coming years

Table Of Contents

Saudi Arabia Insurance Report Q1 2016
BMI Industry View 7
Table: Headline Insurance Forecasts (Saudi Arabia 2012-2019) 7
SWOT 8
Insurance 8
Industry Forecast 10
Life Premiums Forecast 10
Table: Life Premiums (Saudi Arabia 2012-2019) 13
Table: Life Insurance Claims (Saudi Arabia 2007-2014) 13
Non-Life Premiums Forecast 14
Table: Non-Life Premiums (Saudi Arabia 2012-2019) 17
Table: Non-Life Insurance Claims (Saudi Arabia 2008-2014) 19
Non-Life Sub-sector Forecast 19
Table: Non-Life Insurance Premiums by Product Line (Saudi Arabia 2012-2019) 26
Insurance Risk/Reward Index 27
MENA Insurance Risk/Reward Index 27
Table: MENA Insurance Risk/Reward Index 28
Market Overview 29
Life Market Overview 29
The Product Offering 29
The Competitive Landscape 29
Non-Life Market Overview 31
The Product Offering 31
The Competitive Landscape 32
Table: Non-Life Insurance Market (USDmn), 2007-2012 34
Table: Non-Life Insurance Market (%), 2007-2012 35
Company Profile 36
Arabia Insurance sal 36
Arig 38
Gulf Insurance Group (GIG) 40
Islamic Arab Insurance Company (Salama) 42
MedGulf 44
RSA 47
Saudi National Insurance Company 49
Tawuniya 51
Methodology 54
Industry Forecast Methodology 54
Risk/Reward Index Methodology 57
Table: Indicators 59
Table: Weighting of Indicators 60

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