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Saudi Arabia Insurance Report Q3 2008
Business Monitor International, Sep 2008, Pages: 63
This Saudi Arabia Insurance Report provides independent forecasts and competitive intelligence on Saudi Arabia's insurance industry.
In Q308, the key change is that we have incorporated much more information about the companies that are operating across the regions of which each country is a part. We have sought to make it much clearer who is operating in each country and under what name(s). Perhaps equally importantly, our profiles make it plain which multinational companies are not operating in each country.
In the Middle East and North Africa, we profile 17 companies. These are AGF, AIG, Allianz, Aviva, AXA, Cardif, ERGO, Eureko, Fortis, Generali, Groupama, HSBC Insurance, Liberty Mutual, MAPFRE, RSA, UNIQA and Zurich Financial Services.
We also look at a number of the smaller local firms that are active in the region, particularly in Kuwait, Oman, Saudi Arabia and the UAE. For almost all the countries whose reports we are updating, we are also able to include actual data for calendar-year 2007: this was not the case for our Q208 reports. In 2007, total premiums in Saudi Arabia rose by 24% to SAR8,583mn. Non-life premiums rose by 23% to SAR8,256mn, while life premiums rose by 15% to SAR327mn.
Between now and the end of the forecast period, we expect annual non-life premiums will grow SAR12,518mn, while annual life premiums should increase SAR724mn. Growth in non-life premiums should be driven by the general growth in nominal GDP plus a rise in non-life penetration from the current level of 0.61% to 1.40%. Growth in life premiums should be driven by the change in the overall population and a rise in life density from US$3.64 to US$10.00 per capita. Saudi Arabia’s Insurance Business Environment Rating is 51.6
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