Forecast: Insurance and Financial Services Exports in Saudi Arabia

Between 2013 and 2023, the export of insurance and financial services in Saudi Arabia exhibited significant fluctuations. Starting at 5.35 units in 2013, the value dipped to 3.23 in 2014, displaying a significant fall. A general upward trend was seen from 2015 to 2017, followed by a sharp drop in 2018. However, 2020 and 2021 marked a period of remarkable growth, peaking at 15.93 units in 2021. This spike was followed by a substantial decline in 2022, but the value recovered in 2023 to 5.33 units. Over the last five years, the compound annual growth rate stands at 23.28%.

The following trends and variations highlight significant changes in the market:

• 2013-14: A major decline of 39.54%.
• 2015-16: Positive growth of 18.99%.
• 2020-21: A remarkable growth of 244.34% and 59.88%, respectively.
• 2022: A sharp decline of 75.81%.
• 2023: Recovery with a 38.42% growth.

Future trends to watch for:

• The forecast for 2024-2028 indicates a slight decline, with a negative CAGR of 0.22%, suggesting that the sector may face stabilization challenges.
• Close observation of regulatory changes and technological advancements will be crucial for assessing potential growth opportunities or risks.