Saudi Arabia's insurance market offers mixed prospects for growth. The life insurance market is under-developed with extremely limited demand from the resident population. While premiums are expected to grow there are few providers active in the life segment and the market will remain small by regional and global standards. The larger non-life sector, after a short-term decline, is expected to see healthier growth, particularly in the key motor and health insurance segments.
Key Updates And Forecasts
Saudi Arabia has now fully rolled out a comprehensive mandatory health insurance scheme. Effective April 10 2017, it requires all companies, including those with 25 or fewer employees, to provide health insurance for employees (both Saudi and expatriate workers) and their dependents.