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.

Table of Contents

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)