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Saudi Arabia Insurance Report Q1 2010
Business Monitor International, Jan 2010, Pages: 71
Saudi Arabia Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Saudi Arabia's insurance industry.
This report differs from its predecessors in several respects. In our analysis of competitive conditions, we provide a much more comprehensive ranking of insurance companies in the major segments from the point of view of the organisation that is providing the data (in practice almost always the national insurance regulator or trade association). The Saudi Arabian insurance sector continues to be dominated by the three biggest players – Tawuniya, Medgulf and Bupa Arabia. Tawuniya grew massively in 2009, nearly doubling in size in terms of premiums, while the other two lost some premium income during the year.
We also provide a breakdown of the insurance sector by line, from the point of view of the regulator or trade association. The Saudi Arabian market is dominated by health products, which is double the value of the next most popular insurance, motor. They account for around 40% and 20% of the insurance products marketplace, respectively.Writing in January 2010, we have been able to ensure that the report includes actual data for 2008. We have generally been able to use data that has been published over the course of 2009 to adjust our forecasts for the year as a whole. We have also extended the forecasts to 2014. We forecast total premiums in 2009 of SAR17,480mn. This is made up of non-life premiums of SAR16,784mn and life premiums of SAR696mn. In 2014 the corresponding figures are forecast at AR42,968mn, SAR41,645mn and SAR1,323mn. In terms of the key drivers that underpin our forecasts, we forecast that non-life penetration will rise from 1.07% in 2009 to 1.71% in 2014, and life density from US$7.61 to US$12.97. BMI’s Insurance Business Environment Rating for Saudi Arabia is 53.2 out of 100.
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