Market Trends of Property And Casualty Insurance Industry In Saudi Arabia
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.
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.
