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Non-Life Insurance in Saudi Arabia, Key Trends and Opportunities to 2021

Non-Life Insurance in Saudi Arabia, Key Trends and Opportunities to 2021

Synopsis

Timetric’s 'Non-Life Insurance in Saudi Arabia Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Saudi Arabian non-life insurance segment, and a comparison of the Saudi Arabian insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2012–2016) and forecast period (2016–2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Saudi Arabian economy and demographics, explains the various types of natural hazard and their impact on the Saudi Arabian insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'Non-Life Insurance in Saudi Arabia Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Saudi Arabian non-life insurance segment, including:

  • The Saudi Arabian non-life segment’s detailed outlook by product category
  • A comprehensive overview of the Saudi Arabian economy and demographics
  • A comparison of the Saudi Arabian non-life insurance segment with its regional counterparts
  • The various distribution channels in the Saudi Arabian non-life insurance segment
  • Detailed analysis of natural hazards and their impact on the Saudi Arabian insurance industry
  • Details of the competitive landscape in the non-life insurance segment in Saudi Arabia
  • Details of regulatory policy applicable to the Saudi Arabian insurance industry
Scope

This report provides a comprehensive analysis of the non-life insurance segment in Saudi Arabia:
  • It provides historical values for the Saudi Arabian non-life insurance segment for the report’s 2012–2016 review period, and projected figures for the 2016–2021 forecast period.
  • It offers a detailed analysis of the key categories in the Saudi Arabian non-life insurance segment, and market forecasts to 2021.
  • It provides a comparison of the Saudi Arabian non-life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for non-life insurance products in Saudi Arabia.
  • It analyzes various natural hazards and their impact on the Saudi Arabian insurance industry
  • It profiles the top non-life insurance companies in Saudi Arabia, and outlines the key regulations affecting them.
Reasons To Buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Saudi Arabian non-life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Saudi Arabian non-life insurance segment.
  • Assess the competitive dynamics in the non-life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Saudi Arabian insurance industry, and their impact on companies and the industry's future.
Key Highlights
  • Effective from July 2, 2017, insurers and insurance service providers must only hire Saudi citizens for motor insurance claims settlement and customer services administration departments.
  • Sanad Cooperative Insurance Company applied for the voluntary liquidation of its business due to a more than 50% loss of its capital in March 2017.
  • On March 30, 2017, the Saudi Arabian Monetary Authority (SAMA) introduced Rules on the Collection and Exchange of Motor Insurance Information.
  • On December 28, 2016, SAMA issued a new directive to motor insurance companies to provide no-claim discounts to their customers from April 1, 2017.


  • Key Facts and Highlights
    • Table Saudi Arabia Non-Life Insurance - Key Facts, 2016
    • Table Saudi Arabian Insurance - Industry Shares of Leading Insurers, 2016
  • Executive Summary
  • Economy and Demographics
    • Table Saudi Arabian Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table Saudi Arabia Non-Life Insurance - Gross Written Premium (SAR Billion and US$ Billion), 2012-2016
        • Table Saudi Arabia Non-Life Insurance - Penetration (%), 2012-2016
        • Table Saudi Arabia Non-Life Insurance - Gross Written Premium (SAR Billion and US$ Billion), 2016-2021
        • Table Saudi Arabia Non-Life Insurance - Penetration (%), 2016-2021
        • Table Saudi Arabia Non-Life Insurance - Premium per Capita (SAR and US$), 2012-2016
        • Table Saudi Arabia Non-Life Insurance - Premium per Capita (SAR and US$), 2016-2021
      • Profitability
        • Table Saudi Arabia Non-Life Insurance - Profitability Ratio (%), 2012-2016
        • Table Saudi Arabia Non-Life Insurance - Profitability Ratio (%), 2016-2021
      • Assets and investments
        • Table Saudi Arabia Non-Life Insurance - Total Assets (SAR Billion and US$ Billion), 2012-2016
        • Table Saudi Arabia Non-Life Insurance - Total Assets (SAR Billion and US$ Billion), 2016-2021
        • Table Saudi Arabia Non-Life Insurance - Total Investment Income (SAR Million and US$ Million), 2012-2016
        • Table Saudi Arabia Non-Life Insurance - Total Investment Income (SAR Million and US$ Million), 2016-2021
        • Table Saudi Arabia Non-Life Insurance - Investment Portfolio (SAR Billion), 2012-2016
        • Table Saudi Arabia Non-Life Insurance - Investment Portfolio (SAR Billion), 2016-2021
  • Outlook by Category
    • Table Saudi Arabia Non-Life Insurance - Direct Written Premium by Category (SAR Billion), 2012-2016
    • Table Saudi Arabia Non-Life Insurance - Direct Written Premium by Category (SAR Billion), 2016-2021
    • Property Insurance
      • Product overview
      • Premium
        • Table Saudi Arabia Property Insurance - Direct Written Premium by Sub-Category (SAR Billion), 2012-2016
        • Table Saudi Arabia Property Insurance - Direct Written Premium by Sub-Category (SAR Billion), 2016-2021
      • Profitability
        • Table Saudi Arabia Property Insurance - Loss Ratio (%), 2012-2016
        • Table Saudi Arabia Property Insurance - Loss Ratio (%), 2016-2021
    • Motor Insurance
      • Product overview
      • Profitability
        • Table Saudi Arabia Motor Insurance - Loss Ratio (%), 2012-2016
        • Table Saudi Arabia Motor Insurance - Loss Ratio (%), 2016-2021
    • Liability Insurance
      • Product overview
      • Premium
        • Table Saudi Arabia Liability Insurance - Direct Written Premium (SAR Billion and US$ Billion), 2012-2016
        • Table Saudi Arabia Liability Insurance - Direct Written Premium (SAR Billion and US$ Billion), 2016-2021
      • Profitability
        • Table Saudi Arabia Liability Insurance - Loss Ratio (%), 2012-2016
        • Table Saudi Arabia Liability Insurance - Loss Ratio (%), 2016-2021
    • Marine, Aviation and Transit Insurance
      • Product overview
        • Table Saudi Arabian Transport Network - Global Rankings
        • Table Saudi Arabian - Export Values (SAR Billion) &Weight (Tons)
        • Table Saudi Arabian - Import Values (SAR Billion) &Weight (Tons)
      • Premium
        • Table Saudi Arabia Marine, Aviation and Transit Insurance - Direct Written Premium (SAR Billion and US$ Billion), 2012-2016
        • Table Saudi Arabia Marine, Aviation and Transit Insurance - Direct Written Premium (SAR Billion and US$ Billion), 2016-2021
      • Profitability
        • Table Saudi Arabia Marine, Aviation and Transit Insurance - Loss Ratio (%), 2012-2016
        • Table Saudi Arabia Marine, Aviation and Transit Insurance - Loss Ratio (%), 2016-2021
  • Distribution Channel Outlook
    • Direct Marketing
    • Agencies
    • Brokers
    • Bancassurance
    • E-commerce
  • Natural and Man-Made Hazards
    • Flooding
    • Droughts
    • Earthquakes
    • Dust Storms
    • Man-made Hazards
    • Exposure
  • Competitive Landscape
    • Table Saudi Arabian Insurance - Industry Shares of Leading Insurers (%), 2016
    • Company Profiles
      • The company for Cooperative Insurance - company overview
        • Table The Company for Cooperative Insurance Company - Key Facts
        • Table The Company for Cooperative Insurance Company - Key Financials (SAR Million), 2012-2016
      • The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company - company overview
        • Table The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company - Key Facts
        • Table The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company - Key Financials (SAR Million), 2012-2016
      • Malath Cooperative Insurance & Reinsurance Company - company overview
        • Table Malath Cooperative Insurance & Reinsurance Company - Key Facts
        • Table Malath Cooperative Insurance & Reinsurance Company - Key Financials (SAR Million), 2012-2016
      • Al-Rajhi Company for Cooperative Insurance Company - company overview
        • Table Al-Rajhi Company for Cooperative Insurance Company - Key Facts
        • Table Al-Rajhi Company for Cooperative Insurance Company - Key Financials (SAR Million), 2012-2016
      • United Cooperative Assurance Insurance Company - company overview
        • Table United Cooperative Assurance Insurance Company - Key Facts
        • Table United Cooperative Assurance Insurance Company - Key Financials (SAR Million), 2012-2016
  • Governance, Risk and Compliance
    • Table Saudi Arabia - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Saudi Arabia - Life Insurance Regulatory Framework
      • Property insurance
        • Table Saudi Arabia - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Saudi Arabia - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Saudi Arabia - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Social insurance system
      • Third-party liability insurance for high-risk facilities
      • Professional indemnity insurance for insurance intermediaries
      • Liability insurance for ships with respect to oil pollution
    • Supervision and Control
      • International Association of Insurance Supervisors
      • Saudi Arabian Monetary Agency
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margins
      • Reserve requirements
      • Investment regulations
        • Table Saudi Arabia - Investment Limits for Insurance Companies
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Saudi Arabia - Corporate Tax Rates for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Policies and Premium
      • Table Saudi Arabian Insurance Industry - Policies and Premium, 2012-2016
      • Table Saudi Arabian Insurance Industry - Policies and Premium, 2016-2021
    • Claims and Expenses
      • Table Saudi Arabian Non-Life Insurance - Claims and Expenses, 2012-2016
      • Table Saudi Arabian Non-Life Insurance - Claims and Expenses, 2016-2021
    • Assets and Investments
      • Table Saudi Arabian Non-Life Insurance - Assets and Investments, 2012-2016
      • Table Saudi Arabian Non-Life Insurance - Assets and Investments, 2016-2021
    • Property Insurance
      • Table Saudi Arabian Non-Life Insurance - Property Insurance, 2012-2016
      • Table Saudi Arabian Non-Life Insurance - Property Insurance, 2016-2021
    • Property Insurance by Product
      • Table Saudi Arabian Non-Life Insurance - Property Insurance by Product, 2012-2016
      • Table Saudi Arabian Non-Life Insurance - Property Insurance by Product, 2016-2021
    • Motor Insurance
      • Table Saudi Arabian Non-Life Insurance - Motor Insurance, 2012-2016
      • Table Saudi Arabian Non-Life Insurance - Motor Insurance, 2016-2021
    • Liability Insurance
      • Table Saudi Arabian Non-Life Insurance - Liability Insurance, 2012-2016
      • Table Saudi Arabian Non-Life Insurance - Liability Insurance, 2016-2021
    • Marine, Aviation and Transit Insurance
      • Table Saudi Arabian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2012-2016
      • Table Saudi Arabian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2016- 2021
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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