Market Size of Saudi Arabia Property And Casualty Insurance Industry
| Study Period | 2020- 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR (2024 - 2029) | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Saudi Arabia Property & Casualty Insurance Market Analysis
The Saudi Arabia Property And Casualty Insurance Market is expected to register a CAGR of greater than 4% during the forecast period.
Because GDP went up in 2021, the ratio of insurance premiums to GDP went down from 1.48 percent in 2020 to 1.34 percent in 2021. The most common type of property and casualty insurance is auto insurance. Property and fire insurance are the next most common types.In 2020, 6.9% of online sales were made through the platforms of insurance companies and insurance aggregators. In 2021, that number rose to 7.5%.Saudi Arabia's insurance industry witnessed significant growth, recording a double-digit average annual growth rate. Saudi Arabia's insurance market is the second largest in the Gulf region by gross written premium after the UAE. The increasing population and diversification of the nation's economy are among the key factors driving the Saudi Arabian insurance market.
The Insurance Authority (IA) of Saudi Arabia was put in charge of regulating and keeping an eye on the insurance industry. Property insurance is a type of insurance that covers potential risks to private property, including factories, companies, goods, and warehouses, as it is insured against any disaster such as fire, lightning, etc.
The insurance sector basically provides protection for any country's economy. Social awareness is a major component and challenge for insurance companies. The COVID-19 impact on the property and casualty (P&C) insurance industry was varied, with dwindling premium income in personal lines, increasing demand in professional liability, and a slowdown in specialty lines.
