Saudi Arabia Insurance Market Report ( http://www.bharatbook.com/Market-Research-Reports/Saudi-Arabia-Insurance-Market.html ) elucidates the growth and trends of Saudi Arabia Insurance Industry.
Summary
The Saudi Arabian insurance market is poised for tremendous growth in the coming times. The government’s initiatives on compulsory healthcare and motor insurance are expected to propel the insurance market in the future despite the economic slowdown. Saudi Arabia’s insurance penetration level as a percentage of Gross Domestic Product (GDP) at below 1% is the lowest in the world. However, a regulated environment built around the concept of the Islamically acceptable principle of cooperative insurance will lead to increased awareness among the people of Saudi Arabia and convince them of the benefits of insuring risk.
The kingdom’s insurance sector underwent liberalization even more rapidly than the banking sector, with 13 new insurance firms licensed in 2006 and thereby, ending the monopoly of the National Company for Co-operative Insurance. This followed the new insurance law passed in 2003. Previously, many local insurance firms used unlicensed brokers who placed much of their business outside the kingdom. Most of the new firms are joint ventures with foreign companies, which will bring new inflows of foreign direct investment into the economy. As in the banking sector, foreign firms can own up to 60% of locally-based insurance companies.
“Saudi Arabia Insurance Market to 2012” provides extensive research and rational analysis of the insurance industry in Saudi Arabia. The report thoroughly examines the current industry trends which are adding to the growth of the Saudi Arabian insurance industry. The report also gives future outlook considering the possible impacts of recession on the industry.
The report provides four-year industry forecast (2009-2012) on:
§ Total Insurance
§ Health Insurance
§ Protection & Savings Insurance
§ General Insurance
§ Motor Insurance
§ Property/Fire Insurance
§ Marine Insurance
§ Engineering Insurance
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