Market Size of Saudi Arabia Motor Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.10 Billion |
| Market Size (2029) | USD 11.07 Billion |
| CAGR (2024 - 2029) | 22.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Motor Insurance Market Analysis
The Saudi Arabia Motor Insurance Market size in terms of gross written premiums value is expected to grow from USD 4.10 billion in 2024 to USD 11.07 billion by 2029, at a CAGR of 22% during the forecast period (2024-2029).
COVID-19 had a significant impact on Saudi Arabia's financial services industry. However, the banking and insurance sectors have proven resilient this year. Insurance is a fast-growing industry in Saudi Arabia. This growth is expected to continue as the population expands and more ex-pats relocate to the country. The motor insurance premium volume has grown from 2020 to 2021.
There are 34 Islamic insurance cooperatives in Saudi Arabia. There are also larger international companies that offer policies, including health insurance and life insurance. Tawuniya (national) and BUPA (international) are the two biggest firms by market share.
