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Saudi Arabia’s insurance sector outlook positive
JEDDAH — The Saudi Arabia’s insurance industry has emerged as one of the fastest growing in the world, according to a report.
The ‘Saudi Arabia Insurance Market to 2012’ report said protection, savings and health are the fastest growing insurance lines in the kingdom. Health insurance accounted for around 50 per cent of the overall insurance market at the end of 2009.
The health insurance sector is expected to grow at a faster pace on the back of increasing involvement of private companies and the obligation for foreign nationals and pilgrims to buy insurance covers. In addition, the most recent introduction of compulsory health insurance for private employees, irrespective of the size of the company they are working with, will further boost the health insurance market in the country, the report said.
Moreover, the general insurance category has shown substantial growth despite being heavily hit by the financial crisis. It is expected to grow at a compound annual growth rate (CAGR) of more than 24 percent between 2010 and 2012 owing to rising motor and energy insurance. Property and aviation insurance are expected to emerge as the fastest growing general insurance segments during this period. The motor insurance segment is projected to grow at a CAGR of 30 per cent between 2010 and 2012. — habib@khaleejtimes.com
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