Saudi Arabia Property & Casualty Insurance Market Size
| 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
*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 Market Trends
Saudi Arabia Motor Insurance has Growth Potential
Motor insurance generates one-third of the market share in the property and casualty market. An increase in motor vehicle sales and registration of new vehicles also has a positive trend in terms of premiums. In the Saudi market, motor vehicles must insure the vehicle rather than the driver against incidents involving the owner or authorized driver. All vehicles must have at least third-party liability insurance. This covers all costs incurred by third parties in any incidents. This has led to positive and tremendous growth in motor insurance premiums.
Highest growth in Central region of Saudi Arabia in terms Gross Written Premiums
The central region still had the most GWP, and by 2021, it would have half of the total GWP. The Western region stood in second place with one-third of the market share in the total GWP for 2021, even though its market share decreased. The eastern region's share of total GWP increased in a positive trend from 2020 to 2021. This positive trend is due to the increased awareness and digitalization of insurance offerings in the United Kingdom and Saudi Arabia.
Saudi Arabia Property & Casualty Insurance Industry Overview
The report covers the major players operating in the property and casualty insurance market in Saudi Arabia. The market is consolidated due to the top three companies holding more than 50% of the market share. The market is expected to grow during the forecast period, due to changes in regulations, upcoming huge construction projects in the region, and other factors. Following are the list of top players, 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', Arabian Shield Cooperative Insurance Company.
Saudi Arabia Property & 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
Saudi Arabia Property & Casualty Insurance Market News
- February 2023: The Saudi Central Bank (Insurance Authority (IA), is the current insurance regulator of the Kingdom of Saudi Arabia) announces the licensing of Cigna Worldwide Insurance Company; the first foreign health insurance company branch in Saudi Arabia
- November 2022: The Saudi Central Bank (Insurance Authority (IA), is the current insurance regulator of the Kingdom of Saudi Arabia) announces the issuance of the Comprehensive Motor Insurance Rules; these rules 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.
Saudi Arabia Property & Casualty Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
4.5 Impact of COVID-19 on the Market
4.6 Insights on Latest Trends and Technological Innovations in the Industry
5. MARKET SEGMENTATION
5.1 By Insurance Type
5.1.1 Motor
5.1.2 Property / Fire
5.1.3 Marine
5.1.4 Aviation
5.1.5 Energy
5.1.6 Engineering
5.1.7 Accident & Liability and Others
5.2 By Distribution Channel
5.2.1 Insurance Agency
5.2.2 Bancassurance
5.2.3 Brokers
5.2.4 Direct Sales
5.2.5 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 The Company For Cooperative Insurance (Tawuniya)
6.2.2 Malath Cooperative Insurance Co.
6.2.3 The Mediterranean And Gulf Cooperative Insurance And Reinsurance Company (MEDGULF)
6.2.4 Salama Cooperative Insurance Co. (Salama)
6.2.5 Arabian Shield Cooperative Insurance Company
6.2.6 Saudi Arabian Cooperative Insurance Company (Saico)
6.2.7 Gulf Union Al Ahlia Cooperative Insurance Co.
6.2.8 Allianz Saudi Fransi Cooperative Insurance Company
6.2.9 Al-Etihad Co-operative Insurance Co.
6.2.10 Al Sagr Cooperative Insurance Company*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
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 |
Saudi Arabia Property & Casualty Insurance Market Research FAQs
What is the current Property and Casualty Insurance Market size?
The Property and Casualty Insurance Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in 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 Property and Casualty Insurance Market.
What years does this Property and Casualty Insurance Market cover?
The report covers the Property and Casualty Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Property and Casualty Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Saudi Arabia Property & Casualty Insurance Industry Report
Statistics for the 2024 Saudi Arabia Property & Casualty Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Saudi Arabia Property & Casualty Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Saudi Arabia Property & Casualty Insurance Market Report Snapshots
