Market Size of Property And Casualty Insurance Industry In Saudi Arabia
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 789.86 Million |
| Market Size (2029) | USD 926.39 Million |
| CAGR (2024 - 2029) | 3.25 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Property and Casualty Insurance Market Analysis
The Property And Casualty Insurance Market In Saudi Arabia Market size in terms of gross written premiums value is expected to grow from USD 789.86 million in 2024 to USD 926.39 million by 2029, at a CAGR of 3.25% during the forecast period (2024-2029).
The Insurance Authority (IA) of Saudi Arabia is the regulatory authority overseeing the insurance industry in Saudi Arabia, including property and casualty insurance. Certain types of property and casualty insurance are mandatory in Saudi Arabia. For example, motor insurance (third-party liability) is compulsory for all vehicles registered and operated in the country.The property and casualty insurance market in Saudi Arabia has been growing steadily in recent years. Factors such as population growth, infrastructure development, and increased awareness of insurance coverage contribute to market expansion.
Insurance companies in Saudi Arabia are increasingly adopting digital technologies to enhance customer experience and streamline processes. This includes online policy purchases, claims reporting, and policy management through digital platforms.Saudi Arabia's strong economic growth and ongoing infrastructure development projects fuel the demand for property and casualty insurance. As new buildings, infrastructure, and businesses emerge, the need for insurance coverage against property damage, liability, and other risks increases.
There is a growing awareness among individuals and businesses in Saudi Arabia about the importance of insurance coverage. Increased understanding of potential risks and the need for financial protection drives the demand for property and casualty insurance.Saudi Arabia's focus on infrastructure development, including construction projects, presents opportunities for property and engineering insurance. These projects involve significant investments and require insurance coverage for construction risks, such as delays, damages, and liability.
The COVID-19 pandemic has had various impacts on the property and casualty insurance market in Saudi Arabia.The pandemic led to widespread business disruptions, closures, and reduced economic activities. This resulted in an increase in business interruption claims filed by policyholders seeking coverage for financial losses due to the pandemic-induced shutdowns and restrictions.
