Travel Insurance in Saudi Arabia Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 10.48 % |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Travel Insurance in Saudi Arabia Market Analysis
Saudi Arabia Travel Insurance Market has generated a revenue of USD 573.71 million in the current year and is poised to achieve a CAGR of 10.48% for the forecast period.
In 2022, According to Standard and Poor's (S&P), the turnover of the Saudi Travel Insurance Market is expected to grow by 5 to 10 %. The Saudi Arabia travel insurance market has witnessed a steady increase because of major key factors such as rising tourism demands after the pandemic. In addition to this, government-authorized travel policies are further increasing the growth of the travel insurance market. Though, the low penetration of insurance policies limits the growth of this market. On the other hand, new technological developments in the travel industry are expected to provide various opportunities for the development of the travel insurance market during the forecast period. In addition to this, travel and tourism within the Saudi Arabia region and the rapid economic growth of the region have resulted in the growth of the travel insurance industry in Saudi Arabia.
The growth of Travel Insurance is attributed owing to, travel restrictions being normalized post the COVID-19 pandemic and the travel industry gaining back its traction. In addition to this, the multi-trip travel insurance segment is expected to offer travelers appropriate insurance coverage to guarantee their annual vacations going smoothly which drives the growth of the market. Also, the development of multiple industries in the Saudi Arabia region encouraging business-related travel and the growing tourism industry is aiding the growth of the travel insurance market in this region.
Travel Insurance in Saudi Arabia Market Trends
This section covers the major market trends shaping the Saudi Arabia Travel Insurance Market according to our research experts:
Increasing Domestic Travel is Driving the Market
The growing number of domestic travelers every year is emerging as one of the major driving factors for the development of the Saudi Arabia travel insurance market. The larger percentage of these domestic travels are mostly for business and religious purposes. Moreover, the presence of Mecca and Madinah, the holiest of Muslim cities, and travel for the hajj, the annual Islamic pilgrimage to Mecca is a mandatory religious duty for Muslims also directly affects the number of domestic travels in Saudi Arabia.
Hajj Pilgrims are driving the Travel Insurance Market in Saudi Arabia
Over the years, oil has helped Saudi Arabia accrue trillions of wealth, but as the globe switches to alternative energy sources, the oil will eventually run out or lose value. The kingdom is aware of this, despite the high price of oil today, and has started a large-scale project to diversify its revenue streams in preparation for a world without oil. One of these is the pilgrimage, an unending monopoly with a potential Muslim market of around two billion people.
The Grand Mosque in Mecca is being enlarged by Saudi Arabia as part of a $21 billion initiative to accommodate 300,000 more worshipers. A year later, Mohammed bin Salman, who was the deputy crown prince at the time, recognized the pilgrimage as a crucial element of a strategy to diversify the Saudi economy by forecasted period
After a two-year break brought on by Covid-19 restrictions, Muslims from all over the world return to Saudi Arabia to conduct the yearly Hajj trip.
Travel Insurance in Saudi Arabia Industry Overview
The report comprises an overview of the top players in the travel insurance market operating across Saudi Arabia. The Saudi Arabia travel insurance market is slightly different than in other Gulf Countries. The Saudi Arabia travel insurance market is characterized by nearly consolidated players. It has major players Tawuniya, Al Rajhi Takaful, Walaa, Medgulf and Axa Cooperative
Travel Insurance in Saudi Arabia Market Leaders
Tawuniya
Al Rajhi Takaful
Walaa
Medgulf
Axa Cooperative
*Disclaimer: Major Players sorted in no particular order
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Travel Insurance in Saudi Arabia Market News
- In August 2022, Bahrain and Saudi Arabia discussed cooperation to create diverse business opportunities in the sector of tourism and promote its sustainability in line with international developments.
- In February 2022, the Saudi central bank (SAMA) approved the proposed merger between SABB Takaful and Walaa Insurance.
- In January 2022, eBaoTech Corporation, a digital insurance solution provider collaborated with Walaa Cooperative Insurance Company to deploy eBaoTech's Digicore platform and launched the first batch of products on the new platform. Walaa will use eBay cloud DigitalCore to manage all commercial and consumer lines of business to greatly improve its operational efficiency and obtain technology advancements in the digital age.
Travel Insurance in Saudi Arabia Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. INDUSTRY DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on Various Regulatory Trends Travel Insurance Market in Saudi Arabia
4.5 Insights on Impact of Technology and Innovation in Operations in Travel Insurance
4.6 Insights on Performance of Travel Insurance in Saudi Arabia
4.7 Industry Attractiveness - Porter's 5 Force Analysis
4.7.1 Threat of New Entrants
4.7.2 Bargaining Power of Buyers/Consumers
4.7.3 Bargaining Power of Suppliers
4.7.4 Threat of Substitute Products
4.7.5 Intensity of Competitive Rivalry
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Insurance Coverage
5.1.1 Single-Trip Travel Insurance
5.1.2 Annual Multi-trip Travel Insurance
5.1.3 Others
5.2 By Distribution Channel
5.2.1 Direct Sales
5.2.2 Online Travel Agents
5.2.3 Airports And Hotels
5.2.4 Brokers
5.2.5 Other Insurance Intermediaries
5.3 By End-User
5.3.1 Senior Citizens
5.3.2 Business Travelers
5.3.3 Family Travelers
5.3.4 Others (Education Travelers, etc)
6. COMPETITIVE LANDSCAPE
6.1 Market Competition Overview
6.2 Company Profiles
6.2.1 Tawuniya
6.2.2 Al Rajhi Takaful
6.2.3 Walaa
6.2.4 Medgulf
6.2.5 Axa Cooperative
6.2.6 Malath Insurance
6.2.7 Wataniya Insurance
6.2.8 TATA AIG
6.2.9 Insubuy
6.2.10 SAICO*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Travel Insurance in Saudi Arabia Industry Segmentation
The report focuses on the complete background of the Saudi Arabia Travel Insurance Market, which comprises an assessment of the developing market trends by segments, important changes in the market dynamics, and a market overview. Saudi Arabia Travel Insurance Market is Segmented By Insurance Coverage (Single-Trip Travel Insurance, Annual Multi-trip Travel Insurance, and Others), By Distribution channels (Direct Sales, Online Travel Agents, Airports And Hotels, Brokers, and Other Insurance Intermediaries), and By End-User (Senior Citizens, Business Travelers, Family Travelers, and Others (Education Travelers, etc)). The report offers market size and forecast values for the Saudi Arabia Travel Insurance Market in USD million for the above segments.
| By Insurance Coverage | |
| Single-Trip Travel Insurance | |
| Annual Multi-trip Travel Insurance | |
| Others |
| By Distribution Channel | |
| Direct Sales | |
| Online Travel Agents | |
| Airports And Hotels | |
| Brokers | |
| Other Insurance Intermediaries |
| By End-User | |
| Senior Citizens | |
| Business Travelers | |
| Family Travelers | |
| Others (Education Travelers, etc) |
Travel Insurance in Saudi Arabia Market Research FAQs
What is the current Saudi Arabia Travel Insurance Market size?
The Saudi Arabia Travel Insurance Market is projected to register a CAGR of 10.48% during the forecast period (2024-2029)
Who are the key players in Saudi Arabia Travel Insurance Market?
Tawuniya, Al Rajhi Takaful, Walaa, Medgulf and Axa Cooperative are the major companies operating in the Saudi Arabia Travel Insurance Market.
What years does this Saudi Arabia Travel Insurance Market cover?
The report covers the Saudi Arabia Travel Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia Travel Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Travel Insurance in Saudi Arabia Industry Report
Statistics for the 2024 Travel Insurance in Saudi Arabia market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Travel Insurance in Saudi Arabia analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
