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Synopsis
Timetric’s 'Life Insurance in Saudi Arabia, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Saudi Arabian life insurance segment, and a comparison of the Saudi Arabian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Saudi Arabian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric’s 'Life Insurance in Saudi Arabia, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Saudi Arabian life insurance segment, including:

- An overview of the Saudi Arabian life insurance segment

- The Saudi Arabian life insurance segment’s growth prospects by category

- A comprehensive overview of the Saudi Arabian economy and demographics

- A comparison of the Saudi Arabian life insurance segment with its regional counterparts

- The various distribution channels in the Saudi Arabian life insurance segment

- Details of the competitive landscape in the life insurance segment in Saudi Arabia

- Details of regulatory policy applicable to the Saudi Arabian insurance industry

Scope
This report provides a comprehensive analysis of the life insurance segment in Saudi Arabia:

- It provides historical values for the Saudi Arabian life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

- It offers a detailed analysis of the key categories in the Saudi Arabian life insurance segment, and market forecasts to 2020.

- It provides a comparison of the Saudi Arabian life insurance segment with its regional counterparts.

- It analyzes the various distribution channels for life insurance products in Saudi Arabia.

- It profiles the top life insurance companies in Saudi Arabia and outlines the key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Saudi Arabian life insurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Saudi Arabian life insurance segment.

- Assess the competitive dynamics in the life insurance segment.

- Identify growth opportunities and market dynamics in key product categories.

- Gain insights into key regulations governing the Saudi Arabian insurance industry, and their impact on companies and the industry's future.

Key Highlights
- Saudi Arabia’s foreign labor force is a key driver of the life segment.

- The life insurance segment's penetration rate was 0.04% in 2015.

- Saudi Arabia has a relatively underdeveloped life segment in the Middle East. This is largely a result of a lack of awareness among Saudi nationals of the benefits of insurance, and a cultural reluctance towards insurance.

- In 2016, the government announced the National Transformation Program (NTP) 2020 and Saudi Vision 2030. Both plans aim to support economic development initiatives by diversifying the economy via non-oil sector development, and privatization initiatives.

Table Of Contents

Life Insurance in Saudi Arabia, Key Trends and Opportunities to 2020
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Assets and investments
5 Distribution Channel Outlook
6 Competitive Landscape
6.1 Company Profiles
6.1.1 The Mediterranean and Gulf Insurance and Reinsurance Company - company overview
6.1.2 Axa Cooperative Insurance Company - company overview
6.1.3 Saudi Arabian Cooperative Insurance Company - company overview
6.1.4 Al Sagr Cooperative Insurance Company - company overview
6.1.5 Buruj Cooperative Insurance - company overview
7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulation
7.3 Legislation and Market Practice by Type of Insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance
7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
7.4.1 Motor third-party liability insurance
7.4.2 Social insurance system
7.4.3 Third-party liability insurance for high-risk facilities
7.4.4 Professional indemnity insurance for insurance intermediaries
7.4.5 Liability insurance for ships with respect to oil pollution
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors
7.5.2 Saudi Arabian Monetary Agency
7.6 Non-Admitted Insurance Regulations
7.6.1 Overview
7.6.2 Intermediaries
7.6.3 Market practices
7.6.4 Fines and penalties
7.7 Company Registration and Operations
7.7.1 Type of insurance organization
7.7.2 Establishing a local company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margins
7.7.7 Reserve requirements
7.7.8 Investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 Insurance premium or policy taxation
7.8.2 Withholding taxes on premium paid overseas
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 Introduction
7.9.2 Access to court
7.9.3 Alternative dispute resolution
8 Databook
8.1 Policies and Premium
8.2 Claims and Expenses
8.3 Assets and Investments
9 Definitions and Methodology
9.1 Definitions
9.2 Methodology
10 About Timetric
10.1 Contact Timetric
10.2 About Timetric
10.3 Timetric's Services
10.4 Disclaimer


List of Tables
Table 1: Saudi Arabian Life Insurance - Key Facts, 2015
Table 2: Saudi Arabian Life Insurance - Top Insurers, 2015
Table 3: Saudi Arabian Government Credit Ratings
Table 4: Saudi Arabian Life Insurance - Gross Written Premium (SAR Million and US$ Million), 2011-2015
Table 5: Saudi Arabian Life Insurance - Penetration (%), 2011-2015
Table 6: Saudi Arabian Life Insurance - Gross Written Premium (SAR Billion and US$ Million), 2015-2020
Table 7: Saudi Arabian Life Insurance - Penetration (%), 2015-2020
Table 8: Saudi Arabian Life Insurance - Premium per Capita (SAR and US$), 2011-2015
Table 9: Saudi Arabian Life Insurance - Premium per Capita (SAR and US$), 2015-2020
Table 10: Saudi Arabian Life Insurance - Total Assets (SAR Billion and US$ Billion), 2011-2015
Table 11: Saudi Arabian Life Insurance - Total Assets (SAR Billion and US$ Billion), 2015-2020
Table 12: Saudi Arabian Life Insurance - Total Investment Income (SAR Million and US$ Billion), 2011-2015
Table 13: Saudi Arabian Life Insurance - Total Investment Income (SAR Million and US$ Billion), 2015-2020
Table 14: Saudi Arabian Life Insurance - Investment Portfolio (SAR Billion), 2011-2015
Table 15: Saudi Arabian Life Insurance - Investment Portfolio (SAR Billion), 2015-2020
Table 16: Saudi Arabian Insurance Industry - Leading Insurers, 2015
Table 17: The Mediterranean and Gulf Insurance and Reinsurance Company - Key Facts
Table 18: The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company Insurance Company - Key Financials (SAR Million), 2011-2015
Table 19: Axa Cooperative Insurance Company - Key Facts
Table 20: Axa Cooperative Insurance Company - Key Financials (SAR Million), 2011-2015
Table 21: Saudi Arabian Cooperative Insurance Company - Key Facts
Table 22: Saudi Arabian Cooperative Insurance Company - Key Financials (SAR Million), 2011-2015
Table 23: Al Sagr Cooperative Insurance Company - Key Facts
Table 24: Buruj Cooperative Insurance company - Key Facts
Table 25: Saudi Arabia - Insurance Regulatory Framework Key Features
Table 26: Saudi Arabia - Life Insurance Regulatory Framework
Table 27: Saudi Arabia - Property Insurance Regulatory Framework
Table 28: Saudi Arabia - Motor Insurance Regulatory Framework
Table 29: Saudi Arabia - Liability Insurance Regulatory Framework
Table 30: Saudi Arabia - Investment Limits for Insurance Companies
Table 31: Saudi Arabia - Corporate Tax Rates for the Financial Year 2016
Table 32: Saudi Arabian Life Insurance - Policies and Premium, 2011-2015
Table 33: Saudi Arabian Life Insurance - Policies and Premium, 2015-2020
Table 34: Saudi Arabian Life Insurance - Claims and Expenses, 2011-2015
Table 35: Saudi Arabian Life Insurance - Claims and Expenses, 2015-2020
Table 36: Saudi Arabian Life Insurance - Assets and Investments, 2011-2015
Table 37: Saudi Arabian Life Insurance - Assets and Investments, 2015-2020
Table 38: Insurance Industry Definitions

List of Figures
Figure 1: Saudi Arabian Real GDP (SAR Trillion), 2011-2020
Figure 2: Saudi Arabian Consumer Price Inflation (%), 2011-2020
Figure 3: Saudi Arabian Current Account Balance as Percentage of GDP (%), 2011-2015
Figure 4: Saudi Arabian Unemployment Rate, 2011-2020
Figure 5: Saudi Arabian Population by Age Group, 1992-2025
Figure 6: Saudi Arabian life Insurance Penetration - Regional Comparison (%), 2015
Figure 7: Saudi Arabian Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 8: Saudi Arabian Life Insurance - Gross Written Premium (SAR Billion), 2011-2020
Figure 9: Saudi Arabian Life Insurance - Penetration (%), 2011-2020
Figure 10: Saudi Arabian Life Insurance - Premium per Capita (SAR), 2011-2020
Figure 11: Saudi Arabian Life Insurance - Total Assets (SAR Billion), 2011-2020
Figure 12: Saudi Arabian Life Insurance - Total Investment Income (SAR Million), 2011-2020
Figure 13: Saudi Arabian Life Insurance - Investment Portfolio (SAR Billion), 2011-2020
Figure 14: Saudi Arabian Life Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 15: Saudi Arabian Insurance Industry - Market Shares of Leading Insurers (%), 2015
Figure 16: Saudi Arabia - Insurance Supervision and Control at Various Levels
Figure 17: Saudi Arabia - Insurance Regulatory Frameworks for Company Registration and Operation

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