
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
Description
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.
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.
Table of Contents
120 Pages
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. Saudi Arabia Property and Casualty Insurance Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Focus on economic diversification
- 3.2.1.2. Rising awareness about insurance coverage
- 3.2.2. Restraints
- 3.2.2.1. High barriers to entry
- 3.2.2.2. Strict regulatory environment
- 3.2.2.3. Intensely competitive market
- 3.2.3. Opportunities
- 3.2.3.1. Infrastructure development projects
- 3.2.3.2. Digital transformation in insurance services
- 3.2.4. Challenges
- 3.2.4.1. Economic and geopolitical risks
- 3.2.4.2. Low earnings volatility from investments
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. Saudi Arabia Property and Casualty Insurance Market: Marketing Strategies
- 5. Saudi Arabia Property and Casualty Insurance Market: Pricing Analysis
- 6. Saudi Arabia Property and Casualty Insurance Market Overview
- 6.1. Market Size & Forecast, 2019–2031
- 6.1.1. By Value (USD Billion)
- 6.2. Market Share & Forecast
- 6.2.1. By Insurance Type
- 6.2.1.1. Insurance Type
- 6.2.1.2. Motor Insurance
- 6.2.1.3. Property & Fire Insurance
- 6.2.1.4. Marine Insurance
- 6.2.1.5. Aviation Insurance
- 6.2.1.6. Energy Insurance
- 6.2.1.7. Engineering Insurance
- 6.2.1.8. Accident & Liability Insurance
- 6.2.1.9. Others
- 6.2.2. By Distribution Channel
- 6.2.2.1. Insurance Agency
- 6.2.2.2. Bancassurance
- 6.2.2.3. Brokers
- 6.2.2.4. Direct Sales
- 6.2.2.5. Others
- 6.2.3. By End User
- 6.2.3.1. Individuals
- 6.2.3.2. Small and Medium-sized Enterprises (SMEs)
- 6.2.3.3. Large Enterprises
- 6.2.3.4. Government
- 7. Competitive Landscape
- 7.1. List of Key Players and Their End Users
- 7.2. Saudi Arabia Property and Casualty Insurance Company Market Share Analysis, 2024
- 7.3. Competitive Benchmarking, By Oping Parameters
- 7.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
- 8. Impact of Escalating Geopolitical Tensions on Saudi Arabia Property and Casualty Insurance Market
- 9. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 9.1. The Company For Cooperative Insurance (Tawuniya)
- 9.2. Malath Cooperative Insurance Co
- 9.3. MEDGULF
- 9.4. Salama Cooperative Insurance Co.
- 9.5. Arabian Shield Cooperative Insurance Company
- 9.6. Bupa Arabia
- 9.7. Alliance Insurance Company
- 9.8. Al Rajhi Cooperative Insurance
- 9.9. SABB Takaful
- 9.10. Other Prominent Players
- 10. Key Strategic Recommendations
- 11. Research Methodology
- 11.1. Qualitative Research
- 11.1.1. Primary & Secondary Research
- 11.2. Quantitative Research
- 11.3. Market Breakdown & Data Triangulation
- 11.3.1. Secondary Research
- 11.3.2. Primary Research
- 11.4. Breakdown of Primary Research Respondents
- 11.5. Assumption & Limitation
- *Financial information of non-listed companies will be provided as per availability
- **The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
- List of Figures
- Figure 1 Saudi Arabia Property and Casualty Insurance Market Segmentation
- Figure 2 Saudi Arabia Property and Casualty Insurance Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2024
- Figure 4 Saudi Arabia Property and Casualty Insurance Market Size, By Value (USD Billion), 2019–2031
- Figure 5 Saudi Arabia Property and Casualty Insurance Market Share, By Insurance Type, By Value (USD Billion) 2019–2031
- Figure 6 Saudi Arabia Property and Casualty Insurance Market Share, By Distribution Channel, By Value (USD Billion) 2019–2031
- Figure 7 Saudi Arabia Property and Casualty Insurance Market Share, By End User, By Value (USD Billion) 2019–2031
- List of Tables
- Table 1 Saudi Arabia Property and Casualty Insurance Market Size, By Value (USD Billion), 2019–2031
- Table 2 Saudi Arabia Property and Casualty Insurance Market Share, By Insurance Type, By Value (USD Billion) 2019–2031
- Table 3 Saudi Arabia Property and Casualty Insurance Market Share, By Distribution Channel, By Value (USD Billion) 2019–2031
- Table 4 Saudi Arabia Property and Casualty Insurance Market Share, By End User, By Value (USD Billion) 2019–2031
- Table 5 The Company For Cooperative Insurance (Tawuniya) Company Overview
- Table 6 The Company For Cooperative Insurance (Tawuniya) Financial Overview
- Table 7 Malath Cooperative Insurance Co. Company Overview
- Table 8 Malath Cooperative Insurance Co. Financial Overview
- Table 9 MEDGULF Company Overview
- Table 10 MEDGULF Financial Overview
- Table 11 Salama Cooperative Insurance Co. Company Overview
- Table 12 Salama Cooperative Insurance Co. Financial Overview
- Table 13 Arabian Shield Cooperative Insurance Company Overview
- Table 14 Arabian Shield Cooperative Insurance Company Financial Overview
- Table 15 Bupa Arabia Company Overview
- Table 16 Bupa Arabia Financial Overview
- Table 17 Alliance Insurance Company: Company Overview
- Table 18 Alliance Insurance Company Financial Overview
- Table 19 Al Rajhi Cooperative Insurance Company Overview
- Table 20 Al Rajhi Cooperative Insurance Financial Overview
- Table 21 SABB Takaful Company Overview
- Table 22 SABB Takaful Financial Overview
Pricing
Currency Rates
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