Dublin, May 27, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Property and Casualty Insurance Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to ResearchAndMarkets.com's offering.
The Saudi Arabia property and casualty (P&C) insurance market, valued at USD 44.15 million in 2024, is on track to reach USD 67.34 million by 2030, growing at a CAGR of 7.35%. This growth is driven by regulatory reforms, economic diversification under Vision 2030, and heightened awareness of risk management. The Saudi government's emphasis on strengthening the insurance sector and expanding infrastructure projects has increased demand for P&C insurance products.
As foreign investment and market liberalization increase, competition among insurers is intensifying, prompting businesses and individuals to seek enhanced financial protection. According to the Saudi Arabia Central Bank (SAMA) 2022 Insurance Market Report, the sector expanded by 26.9%, with substantial growth in Gross Written Premium (GWP).
Key Market Drivers
Saudi Arabia's insurance sector is bolstered by regulatory advancements led by the Saudi Central Bank (SAMA) and the Insurance Authority. These reforms, aimed at enhancing transparency, financial stability, and consumer protection, include stricter compliance requirements and improved risk assessment mechanisms. Compulsory insurance policies in sectors like construction, health, and vehicle ownership contribute to the market's growth.
Aligned with the 2017 Financial Sector Development Programme, part of Vision 2030, Saudi Arabia targets increasing GWP from 1.9% in 2019 to 2.4% by 2025 and 4.3% by 2030 as a share of non-oil GDP.
Key Market Challenges
The market faces challenges like low insurance penetration due to cultural perceptions and financial illiteracy, particularly in property insurance. Many businesses, especially SMEs, remain underinsured, exposing them to risks like property damage or natural disasters. To address this, insurers should invest in awareness campaigns and offer Sharia-compliant policies.
Key Market Trends
Demand for customized insurance products is rising as the economy diversifies. Insurers are creating tailored policies for sectors such as construction, logistics, healthcare, and cybersecurity. Cyber insurance is increasingly important, protecting businesses from threats like data breaches.
Key Market Players
- The Company for Cooperative Insurance (Tawuniya)
- The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF)
- SALAMA Cooperative Insurance Company
- Saudi Arabian Cooperative Insurance Co.
- Gulf Union Cooperative Insurance Company
- Al-Ittihad Cooperative Insurance Company
- Al Sagr Cooperative Insurance Company
- Allianz SE
- Liva Group SAOG
- Gulf General Cooperative Insurance Company
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 81 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $44.15 Million |
| Forecasted Market Value (USD) by 2030 | $67.34 Million |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Saudi Arabia |
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Voice of Customer Analysis
5. Saudi Arabia Property and Casualty Insurance Market Outlook
6. Saudi Arabia Motor Insurance Market Outlook
7. Saudi Arabia Property & Fire Insurance Market Outlook
8. Saudi Arabia Marine Insurance Market Outlook
9. Saudi Arabia Aviation Insurance Market Outlook
10. Saudi Arabia Accident & Liability Insurance Market Outlook
11. Market Dynamics
12. Market Trends & Developments
13. Saudi Arabia Economic Profile
14. Policy & Regulatory Landscape
15. Competitive Landscape
16. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/nl2gv5
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