Saudi Arabia Property And Casualty Insurance Market Size (2024 - 2029)

The Saudi Arabia Property and Casualty Insurance Market is experiencing growth, driven by factors such as an increasing population and economic diversification. The market's expansion is reflected in the rising market size, with auto insurance being the most prevalent type, followed by property and fire insurance. The insurance sector plays a crucial role in economic protection, and regulatory oversight is provided by the Insurance Authority of Saudi Arabia. Despite challenges like social awareness and the varied impact of COVID-19 on different insurance lines, the market continues to grow, positioning Saudi Arabia as a significant player in the Gulf region's insurance landscape.

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Market Size of Saudi Arabia Property And Casualty Insurance Industry

Saudi Arabia Property and Casualty Insurance Market Summary
Study Period 2020- 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR (2024 - 2029) 4.00 %
Market Concentration Medium

Major Players

Saudi Arabia Property and Casualty Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

Saudi Arabia Property & Casualty Insurance Market Analysis

The Saudi Arabia Property And Casualty Insurance Market is expected to register a CAGR of greater than 4% during the forecast period.

Because GDP went up in 2021, the ratio of insurance premiums to GDP went down from 1.48 percent in 2020 to 1.34 percent in 2021. The most common type of property and casualty insurance is auto insurance. Property and fire insurance are the next most common types.In 2020, 6.9% of online sales were made through the platforms of insurance companies and insurance aggregators. In 2021, that number rose to 7.5%.Saudi Arabia's insurance industry witnessed significant growth, recording a double-digit average annual growth rate. Saudi Arabia's insurance market is the second largest in the Gulf region by gross written premium after the UAE. The increasing population and diversification of the nation's economy are among the key factors driving the Saudi Arabian insurance market.

The Insurance Authority (IA) of Saudi Arabia was put in charge of regulating and keeping an eye on the insurance industry. Property insurance is a type of insurance that covers potential risks to private property, including factories, companies, goods, and warehouses, as it is insured against any disaster such as fire, lightning, etc.

The insurance sector basically provides protection for any country's economy. Social awareness is a major component and challenge for insurance companies. The COVID-19 impact on the property and casualty (P&C) insurance industry was varied, with dwindling premium income in personal lines, increasing demand in professional liability, and a slowdown in specialty lines.

Saudi Arabia Property & Casualty Insurance Industry Segmentation

Property and casualty insurance is insurance on homes, cars, and businesses rather than health or life insurance. The report aims to provide a detailed analysis of the property and casualty insurance market in Saudi Arabia. It focuses on market dynamics, emerging trends in the segments and regional markets, and insights on various insurance and distribution channel types. Furthermore, it analyzes the key players and the competitive landscape in the property and casualty insurance market in Saudi Arabia. The property and casualty insurance market in Saudi Arabia is segmented by insurance type (motor, property and fire, marine, aviation, energy, engineering, accident and liability, and others) and distribution channel (insurance agency, bancassurance, brokers, direct sales, and others). The report offers market size and forecasts for the Saudi Arabia Property and Casualty Insurance Market in value (USD) for all the above segments.

By Insurance Type
Motor
Property / Fire
Marine
Aviation
Energy
Engineering
Accident & Liability and Others
By Distribution Channel
Insurance Agency
Bancassurance
Brokers
Direct Sales
Other Distribution Channels
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Saudi Arabia Property And Casualty Insurance Market Size Summary

The Saudi Arabia Property and Casualty Insurance Market is poised for steady growth, driven by factors such as economic diversification and population increase. The market, which is the second largest in the Gulf region by gross written premium, is primarily dominated by auto insurance, followed by property and fire insurance. The sector's expansion is supported by regulatory oversight from the Insurance Authority of Saudi Arabia, which ensures the industry's stability and growth. The market's consolidation is evident, with a few key players holding a significant share, and the ongoing digitalization of insurance offerings is enhancing market penetration. The impact of COVID-19 has been mixed, affecting various segments differently, but overall, the market continues to show resilience and potential for further development.

Motor insurance, in particular, plays a crucial role in the market, accounting for a substantial portion of the property and casualty sector's share. The requirement for vehicles to have at least third-party liability insurance has bolstered premium growth, especially with the rise in vehicle sales and registrations. Regional disparities in gross written premium distribution highlight the central region's dominance, followed by the western and eastern regions, with the latter showing positive growth trends. The market is expected to benefit from regulatory changes and large-scale construction projects, further enhancing its growth prospects. Recent regulatory developments, such as the licensing of foreign insurance companies and the introduction of comprehensive motor insurance rules, are set to streamline operations and expand coverage options within the market.

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Saudi Arabia Property And Casualty Insurance Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Buyers

      2. 1.4.2 Bargaining Power of Suppliers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitutes

      5. 1.4.5 Intensity of Competitive Rivalry

    5. 1.5 Impact of COVID-19 on the Market

    6. 1.6 Insights on Latest Trends and Technological Innovations in the Industry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Insurance Type

      1. 2.1.1 Motor

      2. 2.1.2 Property / Fire

      3. 2.1.3 Marine

      4. 2.1.4 Aviation

      5. 2.1.5 Energy

      6. 2.1.6 Engineering

      7. 2.1.7 Accident & Liability and Others

    2. 2.2 By Distribution Channel

      1. 2.2.1 Insurance Agency

      2. 2.2.2 Bancassurance

      3. 2.2.3 Brokers

      4. 2.2.4 Direct Sales

      5. 2.2.5 Other Distribution Channels

Saudi Arabia Property And Casualty Insurance Market Size FAQs

The Property and Casualty Insurance Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

The Company For Cooperative Insurance (Tawuniya), Malath Cooperative Insurance Co, The Mediterranean And Gulf Cooperative Insurance And Reinsurance Company (MEDGULF), Salama Cooperative Insurance Co. “Salama” and Arabian Shield Cooperative Insurance Company are the major companies operating in the Property and Casualty Insurance Market.

Saudi Arabia Property & Casualty Insurance Market Report Snapshots

Saudi Arabia Property & Casualty Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)