Saudi Arabia Insurance Market to 2012

Publication Date	September 2009
Publisher	RNCOS
Product Type	Report
Pages	50
ISBN Number	not applicable
Product Code	RCS00608

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Summary

The Saudi Arabian insurance industry has emerged as one of the fastest growing insurance industries across the world. While the global economic crisis has severely hit other industrial sectors, the insurance industry has marinated its 25-30% annual growth rate on the back of compulsory insurance lines.

According to our new research report Saudi Arabia Insurance Market to 2012, protection & savings and health insurance are the fastest growing insurance lines in the country, with health insurance accounting for around 44% of the overall insurance market as of the end of 2008. Besides, long-term growth of the insurance industry primarily depends on the performance of protection and savings insurance, owing to low penetration of life insurance in the country. The protection and savings insurance premium is expected to grow at a CAGR of around 55% over the forecast period (2009-2013).

The health insurance sector is also expected to expand vigorously as the increasing involvement of private companies develops the scope for insurance cover, and as foreign nationals and foreign pilgrims are obliged to take out insurance. In addition to this, the most recent introduction of compulsory health insurance for private employees, irrespective of the size of the company they are working with, will further boost the health insurance market in the country.

Moreover, general insurance category, which accounts for majority of insurance premium in the country, is showing substantial growth despite being heavily hit by the financial crisis. It is expected to grow at about 13% during 2009-2013, owing to rising motor and property insurance. Energy and liability insurance are expected to emerge as the fastest growing general insurance segments over the forecast period.

Saudi Arabia Insurance Market to 2012 is the outcome of extensive research and detailed study of the insurance sector in Saudi Arabia. The report discusses each of the insurance products in detail. Most importantly, it guides clients in the direction in which the sector is likely to move in the coming years. The report also analyzes the pattern of macroeconomic variables and their impact on the insurance sector of the country. It also discusses the emerging industry trends which will decide the future of the insurance sector in the country.

Content

1. Analyst View
2. Macroeconomic Scenario
3. Insurance Industry Overview
4. Industry Forecast to 2013
- 4.1 Health
- 4.2 Protection and Savings
- 4.3 General
  - 4.3.1 Motor
  - 4.3.2 Property/Fire
  - 4.3.3 Marine
  - 4.3.4 Engineering
  - 4.3.5 Aviation
  - 4.3.6 Others
5. Industry Trends Analysis
- 5.1 Emerging Export Credit Insurance
- 5.2 Pension Funds System
- 5.3 Potential in Bancassurance
- 5.4 Insurance Penetration
- 5.5 Insurance Density
- 5.6 Retention Ratio
- 5.7 Commission Expenses
- 5.8 Market Capitalization
6. Regulatory Environment
- 6.1 Saudi Arabian Monetary Agency
- 6.2 Cooperative Insurance Regulations
- 6.3 Foreign Ownership
7. Competitive Landscape
List of Figures:
- Figure 2-1: Real GDP Growth (%), 2008-2012
- Figure 2-2: Per Head Disposable Income (US$), 2008-2012
- Figure 3-1: Insurance Premium (Billion SAR), 2006-2008
- Figure 3-2: Claims Paid (Billion SAR), 2006-2008
- Figure 3-3: Forecast for Insurance Premium (Billion SAR), 2009-2013
- Figure 4-1: Insurance Premium by Category (%), 2008
- Figure 4-2: Forecast for Insurance Premium by Category (%), 2013
- Figure 4-3: Health Insurance Premium (Billion SAR), 2006-2008
- Figure 4-4: Forecast for Health Insurance Premium (Billion SAR), 2009-2013
- Figure 4-5: Health Insurance Claims Paid (Billion SAR), 2006-2008
- Figure 4-6: Protection and Savings Insurance Premium (Billion SAR), 2006-2008
- Figure 4-7: Forecast for Protection and Savings Insurance Premium (Billion SAR), 2009-2013
- Figure 4-8: Protection & Savings Insurance Claims Paid (Million SAR), 2006-2008
- Figure 4-9: General Insurance Premium (Billion SAR), 2006-2008
- Figure 4-10: Forecast for General Insurance Premium (Billion SAR), 2009-2013
- Figure 4-11: General Insurance Premium by Category (%), 2008
- Figure 4-12: Motor Insurance Premium (Billion SAR), 2007 & 2008
- Figure 4-13: Forecast for Motor Insurance Premium (Billion SAR), 2009-2013
- Figure 4-14: Motor Insurance Claims Paid (Billion SAR), 2007 & 2008
- Figure 4-15: Property/Fire Insurance Premium (Million SAR), 2007 & 2008
- Figure 4-16: Forecast for Property/Fire Insurance Premium (Million SAR), 2009-2013
- Figure 4-17: Property/Fire Insurance Claims Paid (Million SAR), 2007 & 2008
- Figure 4-18: Marine Insurance Premium (Million SAR), 2007 & 2008
- Figure 4-19: Forecast for Marine Insurance Premium (Million SAR), 2009-2013
- Figure 4-20: Marine Insurance Claims Paid (Million SAR), 2007 & 2008
- Figure 4-21: Engineering Insurance Premium (Million SAR), 2007 & 2008
- Figure 4-22: Forecast for Engineering Insurance Premium (Million SAR), 2009-2013
- Figure 4-23: Engineering Insurance Claims Paid (Million SAR), 2007 & 2008
- Figure 4-24: Aviation Insurance Premium (Million SAR), 2007 & 2008
- Figure 4-25: Forecast for Aviation Insurance Premium (Million SAR), 2009-2013
- Figure 4-26: Aviation Insurance Claims Paid (Million SAR), 2007 & 2008
- Figure 4-27: Energy Insurance Premium (Million SAR), 2007 & 2008
- Figure 4-28: Energy Insurance Claims Paid (Million SAR), 2007 & 2008
- Figure 4-29: Accident, Liability and Other Insurance Premium (Million SAR), 2007 & 2008
- Figure 4-30: Accident, Liability and Other Insurance Claims Paid (Million SAR), 2007 & 2008
- Figure 5-1: Insurance Penetration by Category (%), 2005-2008
- Figure 5-2: Insurance Density by Category (SAR), 2005-2008
- Figure 5-3: Retention Ratio by Business Line (2007 & 2008)
- Figure 5-4: Commission Expenses (Million SAR), 2005-2008
List of Tables:
- Table 5-1: Number of Insurance Companies by Equity Capital (2008)
- Table 7-1: Top Ten Insurance Companies by Market Capitalization (Million SAR)