Saudi Arabia Insurance Q4 2019
The outlook for Saudi Arabia's insurance industry is positive, with both the non-life and smaller life insurance sectorsexpected to achieve solid premium growth as employment and income rates rise. Market barriers remain substantial, however, as agenerous social welfare system limits demand for many traditional insurance products, particularly protection products in the lifesector. Restrictions on foreign insurance companies also mean that product lines and distribution channels remain undiversified incomparison to more mature markets in the region, leaving the market reliant upon basic lines. However this highly fragmentedmarket is ripe for consolidation and with strong government support for this, together with the gradual relaxation of foreign investorownership limits we see it as a market full of opportunity.
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