Market Trends of Saudi Arabia Property And Casualty Insurance Industry
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.
