Saudi Arabia Property and Casualty Insurance Market, By Insurance Type (Motor Insurance, Property & Fire Insurance, Marine Insurance, Aviation Insurance, Energy Insurance, Engineering Insurance, Accident & Liability Insurance, Others); By Distribution Cha

Saudi Arabia Property and Casualty Insurance Market Size to Cross USD 7.7 Billion by 2031

Saudi Arabia Property and Casualty Insurance Market is booming primarily due to the Kingdom’s Vision 2030 economic diversification, an increasing number of large infrastructure development projects, mandatory insurance regulations, and the adoption of technological advancements.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Saudi Arabia Property and Casualty Insurance Market size by value at USD 5.78 billion in 2024. During the forecast period between 2025 and 2031, BlueWeave expects Saudi Arabia Property and Casualty Insurance Market size to boom at a robust CAGR of 4.23% reaching a value of USD 7.73 billion by 2031. Saudi Arabia Market for Property and Casualty (P&C) Insurance is experiencing significant growth, driven by several key factors. The Saudi government's Vision 2030 initiative emphasizes economic diversification and large scale infrastructure projects, such as NEOM and Qiddiya, which have increased demand for P&C insurance solutions. Mandatory insurance requirements have further propelled the market expansion. Technological advancements, including the adoption of digital platforms and artificial intelligence (AI), have enhanced customer experiences and streamlined claims processes. Additionally, there is a growing awareness among individuals and businesses about the importance of risk management, leading to a higher acceptance of P&C insurance products. As a result, Saudi Arabia Property and Casualty Insurance Market is projected to expand in the coming years.

Opportunity – Digital Transformation in Insurance Services

Saudi Arabia Property and Casualty Insurance Market is forecast to record significant growth, driven by digital transformation in insurance services. Insurers are leveraging artificial intelligence (AI), blockchain, and big data analytics to enhance underwriting, claims processing, and customer engagement. The adoption of InsurTech solutions and digital platforms is improving policy accessibility and risk assessment, aligning with Saudi Vision 2030’s focus on financial sector development. With increased smartphone penetration and government-backed digital initiatives, insurers are expanding online distribution channels, reducing fraud, and enhancing operational efficiency, thereby boosting market expansion and customer adoption across the kingdom.

Direct Sales Segment Holds Larger Market Share

Direct sales by insurance companies remain the predominant distribution channel in Saudi Arabia Property and Casualty Insurance Market. As per an industry estimate, in 2023, about more than half of policies were sold directly by insurers, while brokers facilitated above 46% of sales, and insurance agencies accounted for about remaining 4%. The direct sales segment is expected to continue to hold a significant share in Saudi Arabia Property and Casualty Insurance Market. Notably, the share of online sales through insurance brokerage platforms increased from about 8% to more than 11% of total premiums in 2023, reflecting a growing consumer preference for digital channels. It underscores the industry's shift toward more direct and digital engagement with clients, enhancing accessibility and convenience in policy acquisition.

Impact of Escalating Geopolitical Tensions on Saudi Arabia Property and Casualty Insurance Market

Escalating geopolitical tensions are reshaping Saudi Arabia Property and Casualty (P&C) Insurance Market, driving an increasing demand for coverage against risks, such as property damage, business interruptions, and supply chain disruptions. Rising regional conflicts and trade uncertainties have heightened concerns among businesses, leading to higher premiums for commercial property and marine insurance. For example, heightened risks in the Red Sea region have impacted cargo insurance costs due to potential shipping disruptions. Additionally, increased cyber threats amid geopolitical instability have led to a surge in demand for cyber insurance. The government’s Vision 2030 infrastructure projects also face increased risk exposure, pushing demand for specialized insurance solutions. As insurers reassess risk models, the market is witnessing tighter underwriting standards and premium adjustments, shaping a more resilient but cost-sensitive insurance landscape.

Competitive Landscape

Saudi Arabia Property and Casualty Insurance Market is highly fragmented, with numerous players serving the market. Major companies dominating the market include The Company For Cooperative Insurance (Tawuniya), Malath Cooperative Insurance Co, MEDGULF, Salama Cooperative Insurance Co., Arabian Shield Cooperative Insurance Company, Bupa Arabia, Alliance Insurance Company, Al Rajhi Cooperative Insurance, and SABB Takaful. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge over their competitors in Saudi Arabia Property and Casualty Insurance Market.

The report's in-depth analysis provides information about growth potential, upcoming trends, and Saudi Arabia Property and Casualty Insurance Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia Property and Casualty Insurance Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.