New Market Research Report: Saudi Arabia Insurance Report Q2 2016

Within the non-life segment, growth in premiums through the forecast period will continue to be driven by developments in two sub-sectors. There should be higher volumes (if not prices) in the motor vehicle insurance sub-sector thanks to the expansion in the number of vehicles on Saudi Arabia ' s vehicles. Higher volumes and inflation in healthcare costs should ensure that health insurance, which is already by far the most important sub-sector, continues to achieve double-digit annual growth rates. Meanwhile, the life insurance segment should remain at an embryonic level of development.

Key Updates A nd Forecasts

As of early 2016, the latest reports from the leading insurers indicate that conditions have been quite challenging through 2015. Some have experienced strong growth in premiums; others, significant falls. Many of the leaders have ceded significant percentages of gross premiums to reinsurers. Claims costs have spiralled. Investment earnings have been low. Profits for shareholders have been minimal. We remain of the view that non-life premiums rose by 5.4% in 2015 and that they should grow by 10.6% in 2016. We consider that the risks to our forecasts are to the upside.

Full Report Details at
- http://www.fastmr.com/prod/1132699_saudi_arabia_insurance_report.aspx?afid=301

The implications of this are that Saudi Arabia will remain one of the largest and rapidly growing markets for Sharia-compliant insurance globally. Health insurance specialists - such as Bupa Arabia will gain market share. For now, we remain of the view that the competitive landscape is unlikely to undergo a major consolidation through the forecast period.

Demand for life insurance will remain minimal. Saudi citizens do not need it. They are covered by generous and comprehensive social security benefits. Those expatriates who can afford it often deal with insurers in other GCC countries.

The Saudi Arabia Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Saudi Arabia Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Saudi insurance industry.

Key Benefits
Benchmark BMI's independent insurance industry forecasts for Saudi Arabia to test other views - a key input for successful budgeting and strategic business planning in Saudi Arabia's insurance market.

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