| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 815.53 Million |
| Market Size (2030) | USD 956.95 Million |
| CAGR (2025 - 2030) | 3.25 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Saudi Arabia Property and Casualty Insurance Market Analysis
The Property And Casualty Insurance Market In Saudi Arabia Market size in terms of gross written premiums value is expected to grow from USD 815.53 million in 2025 to USD 956.95 million by 2030, at a CAGR of 3.25% during the forecast period (2025-2030).
The Insurance Authority (IA) of Saudi Arabia is the regulatory authority overseeing the insurance industry in Saudi Arabia, including property and casualty insurance. Certain types of property and casualty insurance are mandatory in Saudi Arabia. For example, motor insurance (third-party liability) is compulsory for all vehicles registered and operated in the country.The property and casualty insurance market in Saudi Arabia has been growing steadily in recent years. Factors such as population growth, infrastructure development, and increased awareness of insurance coverage contribute to market expansion.
Insurance companies in Saudi Arabia are increasingly adopting digital technologies to enhance customer experience and streamline processes. This includes online policy purchases, claims reporting, and policy management through digital platforms.Saudi Arabia's strong economic growth and ongoing infrastructure development projects fuel the demand for property and casualty insurance. As new buildings, infrastructure, and businesses emerge, the need for insurance coverage against property damage, liability, and other risks increases.
There is a growing awareness among individuals and businesses in Saudi Arabia about the importance of insurance coverage. Increased understanding of potential risks and the need for financial protection drives the demand for property and casualty insurance.Saudi Arabia's focus on infrastructure development, including construction projects, presents opportunities for property and engineering insurance. These projects involve significant investments and require insurance coverage for construction risks, such as delays, damages, and liability.
The COVID-19 pandemic has had various impacts on the property and casualty insurance market in Saudi Arabia.The pandemic led to widespread business disruptions, closures, and reduced economic activities. This resulted in an increase in business interruption claims filed by policyholders seeking coverage for financial losses due to the pandemic-induced shutdowns and restrictions.
Saudi Arabia Property and Casualty Insurance Market Trends
Motor Insurance Growth Triggered By Changing Regulatory Landscape
Motor insurance witnessed notable increases in gross written premiums.Under motor insurance, individual policyholders represent 52.7% share of total motor premium. Comprehensive Motor Insurance Rules which aim to regulate the contractual relationship between the insurer and the insured by standardizing the minimum coverage limit of the non-compulsory Comprehensive Motor Insurance and outline coverage provisions of the compulsory and optional coverage to be provided in the policy.Third-Party Liability (TPL) insurance is mandatory for all motor vehicles in Saudi Arabia. It provides coverage for bodily injury or property damage caused to third parties in accidents. The TPL coverage is a basic requirement to register and operate a vehicle legally in the country.
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Vision 2030 can push the growth of Property insurance
Sales by Insurance companies remained the largest distribution channel in 2022. With the increasing digitization of the insurance industry, insurance companies in Saudi Arabia are adopting online platforms and mobile applications to reach customers directly. These digital channels enable customers to research, compare, and purchase insurance policies conveniently. Insurance companies in Saudi Arabia have established online platforms, websites, or mobile applications that allow customers to browse, compare, and purchase insurance policies directly. These platforms provide a convenient way for customers to access information, get quotes, and complete the insurance purchase process online.Many insurance companies operate dedicated call centers where customers can contact company representatives to inquire about insurance policies, receive guidance, and purchase coverage over the phone. Call center agents provide information and assist customers throughout the insurance buying process.
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Saudi Arabia Property and Casualty Insurance Industry Overview
The property and casualty insurance market in Saudi Arabia is competitive, with both local and international insurance companies operating in the sector. Companies offer a range of products, coverage options, and pricing to cater to different customer needs.Companies across the world have huge investments in this segment of the market. In Saudi Arabia, the Property and Casualty Insurance market have many companies fragmented over minor shares. Adoption of technological platforms and up-gradation to new Technology leads to an increase in revenue for insurance firms. Innovation and technological advancement taking a pace as COVID-19 and urbanization strike general people to the adoption of property and casualty insurance to mitigate the risk.
Saudi Arabia Property and Casualty Insurance Market Leaders
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The Company For Cooperative Insurance (Tawuniya)
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Malath Cooperative Insurance Co
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The Mediterranean And Gulf Cooperative Insurance And Reinsurance Company (MEDGULF)
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Salama Cooperative Insurance Co (Salama)
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Arabian Shield Cooperative Insurance Company
- *Disclaimer: Major Players sorted in no particular order
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Saudi Arabia Property and Casualty Insurance Market News
- August 2023: The Saudi Cabinet approved the establishment of a new unified and independent regulator for the insurance sector, the Insurance Authority (IA). The Insurance Authority will report directly to the Prime Minister.
- January 2023: The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company ('Medgulf') announces that it has received a statement confirming the compliance of its business with Sharia regulations, issued by the Sharia Review House in its capacity as the company's Sharia advisor.
Saudi Arabia Property and Casualty Insurance Industry Segmentation
Property and casualty insurance serves to provide coverage for assets in addition to liability insurance for damage, injuries, and accidents to others and their belongings. This report aims to provide a detailed analysis of the Property and casualty insurance market in Saudi Arabia. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights into various insurance and distribution channel types. Also, it analyses the key players and the competitive landscape in the Property and casualty insurance market in Saudi Arabia. Saudi Arabia's Property and Casualty Insurance Market is segmented by Insurance type (Motor, Property/Fire, Marine, Aviation, Energy, Engineering, and Accident & Liability and other ), by Distribution Channel (Insurance Agency, Bancassurance, Brokers, Direct Sales, and Other ). 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 Other | |
| By Distribution Channel | Insurance Agency |
| Bancassurance | |
| Brokers | |
| Direct Sales | |
| Others |
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Saudi Arabia Property and Casualty Insurance Market Research FAQs
How big is the Saudi Arabia Property and Casualty Insurance Market?
The Saudi Arabia Property and Casualty Insurance Market size is expected to reach USD 815.53 million in 2025 and grow at a CAGR of 3.25% to reach USD 956.95 million by 2030.
What is the current Saudi Arabia Property and Casualty Insurance Market size?
In 2025, the Saudi Arabia Property and Casualty Insurance Market size is expected to reach USD 815.53 million.
Who are the key players in Saudi Arabia Property and Casualty Insurance Market?
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 Saudi Arabia Property and Casualty Insurance Market.
What years does this Saudi Arabia Property and Casualty Insurance Market cover, and what was the market size in 2024?
In 2024, the Saudi Arabia Property and Casualty Insurance Market size was estimated at USD 789.03 million. The report covers the Saudi Arabia Property and Casualty Insurance Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Saudi Arabia Property and Casualty Insurance Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Saudi Arabia Property and Casualty Insurance Industry Report
Statistics for the 2025 Property And Casualty Insurance In Saudi Arabia market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Property And Casualty Insurance In Saudi Arabia analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
