Published on : Nov 20, 2018
Albany, New York, November 20, 2018: Saudi Arabia, in Gulf Cooperation Council, is the biggest Islamic insurance market with its enormous wealth. However, life insurance segment appears to lag behind. The entire insurance market should be sharia compliant given its cooperative insurance model. Though Saudi Arabia accounts for over 40% of non-life gross written premiums in the GCC, it covers less than 10% in life premiums. These insights are according to the report titled “Strategic Market Intelligence Life Insurance In Saudi Arabia Key Trends And Opportunities To 2022,”which has been recently added to the repository of Market Research Hub. The Implementation Regulation of Value Added Tax exempted life insurance from VAT; effective from January 2018.
Saudi Vision 2030 is set to bolster the life insurance, also called as protection and saving insurance (P&S), which will help reform the economic structure of Saudi Arabia. In addition, the kingdom will play a meager role in the coming future. The findings by Albilad Capital revealed that top three out of 11 companies accounted for over 60% of protection and saving policies in 2016—ATC(33.9%), SABB takaful (15.7) and Allianz SF (14.3%). Besides, these prominent companies have begun to specialize in life insurance; ATC’s portfolio is 100% P&S and SABB takaful’s portfolio is over 80%.
However, the roadblocks to the life insurance do persist. Some of the obstacles are unaware with respect to products, lack of knowledge and apprehension regarding the policies if it were sharia compliant.
Life Insurance in Saudi Arabia: key trends and Opportunities to 2022: Report Content
Scope of this report is to provide authentic and thorough analysis and data associated with the life insurance in Saudi Arabia. These data incorporates the market size data, along with the graphical and textual analysis on the leading companies and the market growth trends. Essentially, the report covers drivers, restraints, trends, predominant players in the market and product categories along with market estimation which has an impact on the market on a global scale.
The report includes a coherent analysis of the life insurance segment in the kingdom. Besides, the report contains a historical values for the Saudi life insurance segment for the reports 2013-2017 review period and the estimated period for the 2017-2022 assessment period. Moreover, the report also delineates the Saudi life insurance segment with its regional counterparts.
The report also provides the value for prominent performance indicators such as incurred loss, written premium, government initiatives, total investment income, net earned premium during the review period and assessment period, combined ratio and total assets. Besides, report also gives an exhaustive overview of the Saudi Arabia economy and gives thorough information on competitive landscape in Saudi Arabia. In addition, the report includes details of government regulations and changes in the regulatory structure, FDI, investment opportunities and enterprise structure. It also gives information on major general insurance companies and on the impact of government regulation on them.
The report starts with the executive summary which shows market size in terms of revenue, market value and production. Besides, a comprehensive analysis of the competitive landscape highlights profiles of eminent players in the global market space. In addition, the report also peruses the strategic moves, areas of interest, and developments undertaken by major players in the market.
Life Insurance in Saudi Arabia: key trends and Opportunities to 2022: Research Methodology
A comprehensive research methodology has been embraced with respect to providing a research approach incorporating of secondary and primary research. The insights in the report is the attributed to the in-depth secondary research, primary interviews and in-house reviews by panel of experts.
The secondary research includes company websites, SEC filings and presentations by investors, industry white paper and statistical database. Whereas, the primary research embodies face to face interviews, phonic interviews and e-mail interaction. To furnish with honest report on the life insurance in Saudi Arabia, expert panel examines the data collected from various sources.
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