Toll Free: 1-888-928-9744

Non-Life Insurance in Saudi Arabia, Key Trends and Opportunities to 2021

Published: Nov, 2017 | Pages: 120 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'Non-Life Insurance in Saudi Arabia Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Saudi Arabian non-life insurance segment, and a comparison of the Saudi Arabian insurance industry with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2012-2016) and forecast period (2016-2021). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Saudi Arabian economy and demographics, explains the various types of natural hazard and their impact on the Saudi Arabian insurance industry, and provides detailed information on the competitive landscape in the country. The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric's 'Non-Life Insurance in Saudi Arabia Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Saudi Arabian non-life insurance segment, including: • The Saudi Arabian non-life segment's detailed outlook by product category • A comprehensive overview of the Saudi Arabian economy and demographics • A comparison of the Saudi Arabian non-life insurance segment with its regional counterparts • The various distribution channels in the Saudi Arabian non-life insurance segment • Detailed analysis of natural hazards and their impact on the Saudi Arabian insurance industry • Details of the competitive landscape in the non-life insurance segment in Saudi Arabia • Details of regulatory policy applicable to the Saudi Arabian insurance industry

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Saudi Arabia: • It provides historical values for the Saudi Arabian non-life insurance segment for the report's 2012-2016 review period, and projected figures for the 2016-2021 forecast period. • It offers a detailed analysis of the key categories in the Saudi Arabian non-life insurance segment, and market forecasts to 2021. • It provides a comparison of the Saudi Arabian non-life insurance segment with its regional counterparts • It analyzes the various distribution channels for non-life insurance products in Saudi Arabia. • It analyzes various natural hazards and their impact on the Saudi Arabian insurance industry • It profiles the top non-life insurance companies in Saudi Arabia, and outlines the key regulations affecting them.

Reasons To Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Saudi Arabian non-life insurance segment, and each category within it. • Understand the demand-side dynamics, key market trends and growth opportunities in the Saudi Arabian non-life insurance segment. • Assess the competitive dynamics in the non-life insurance segment. • Identify growth opportunities and market dynamics in key product categories. • Gain insights into key regulations governing the Saudi Arabian insurance industry, and their impact on companies and the industry's future.

Key Highlights

• Effective from July 2, 2017, insurers and insurance service providers must only hire Saudi citizens for motor insurance claims settlement and customer services administration departments. • Sanad Cooperative Insurance Company applied for the voluntary liquidation of its business due to a more than 50% loss of its capital in March 2017. • On March 30, 2017, the Saudi Arabian Monetary Authority (SAMA) introduced Rules on the Collection and Exchange of Motor Insurance Information. • On December 28, 2016, SAMA issued a new directive to motor insurance companies to provide no-claim discounts to their customers from April 1, 2017.
 Table of Contents

1 KEY FACTS AND HIGHLIGHTS 2 EXECUTIVE SUMMARY 3 ECONOMY AND DEMOGRAPHICS 4 SEGMENT OUTLOOK 4.1 Regional Comparison 4.2 Segment Indicators 4.2.1 Gross written premium and penetration 4.2.2 Profitability 4.2.3 Assets and investments 5 OUTLOOK BY CATEGORY 5.1 Property Insurance 5.1.1 Product overview 5.1.2 Premium 5.1.3 Profitability 5.2 Motor Insurance 5.2.1 Product overview 5.2.2 Profitability 5.3 Liability Insurance 5.3.1 Product overview 5.3.2 Premium 5.3.3 Profitability 5.4 Marine, Aviation and Transit Insurance 5.4.1 Product overview 5.4.2 Premium 5.4.3 Profitability 6 DISTRIBUTION CHANNEL OUTLOOK 6.1 Direct marketing 6.2 Agencies 6.3 Brokers 6.4 Bancassurance 6.5 E-commerce 7 NATURAL AND MAN-MADE HAZARDS 7.1 Flooding 7.2 Droughts 7.3 Earthquakes 7.4 Dust Storms 7.5 Man-made Hazards 7.6 Exposure 8 COMPETITIVE LANDSCAPE 8.1 Company Profiles 8.1.1 The company for Cooperative Insurance - company overview 8.1.2 The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company - company overview 8.1.3 Malath Cooperative Insurance & Reinsurance Company - company overview 8.1.4 Al-Rajhi Company for Cooperative Insurance Company - company overview 8.1.5 United Cooperative Assurance Insurance Company - company overview 9 GOVERNANCE, RISK AND COMPLIANCE 9.1 Legislation Overview and Historical Evolution 9.2 Latest Changes in Regulation 9.3 Legislation and Market Practice by Type of Insurance 9.3.1 Life insurance 9.3.2 Property insurance 9.3.3 Motor insurance 9.3.4 Liability insurance 9.3.5 Marine, aviation and transit insurance 9.3.6 Personal accident and health insurance 9.4 Compulsory Insurance 9.4.1 Motor third-party liability insurance 9.4.2 Social insurance system 9.4.3 Third-party liability insurance for high-risk facilities 9.4.4 Professional indemnity insurance for insurance intermediaries 9.4.5 Liability insurance for ships with respect to oil pollution 9.5 Supervision and Control 9.5.1 International Association of Insurance Supervisors 9.5.2 Saudi Arabian Monetary Agency 9.6 Non-Admitted Insurance Regulations 9.6.1 Overview 9.6.2 Intermediaries 9.6.3 Market practices 9.6.4 Fines and penalties 9.7 Company Registration and Operations 9.7.1 Type of insurance organization 9.7.2 Establishing a local company 9.7.3 Foreign ownership 9.7.4 Types of license 9.7.5 Capital requirements 9.7.6 Solvency margins 9.7.7 Reserve requirements 9.7.8 Investment regulations 9.7.9 Statutory return requirements 9.7.10 Fee structure 9.8 Taxation 9.8.1 Insurance premium or policy taxation 9.8.2 Withholding taxes on premium paid overseas 9.8.3 Corporate tax 9.8.4 VAT 9.8.5 Captives 9.9 Legal System 9.9.1 Introduction 9.9.2 Access to court 9.9.3 Alternative dispute resolution 10 DATABOOK 10.1 Policies and Premium 10.2 Claims and Expenses 10.3 Assets and Investments 10.4 Property Insurance 10.5 Property Insurance by Product 10.6 Motor Insurance 10.7 Liability Insurance 10.8 Marine, Aviation and Transit Insurance 11 DEFINITIONS AND METHODOLOGY 11.1 Definitions 11.2 Methodology 12 ABOUT TIMETRIC 12.1 Contact Timetric 12.2 About Timetric 12.3 Timetric's Services 12.4 Disclaimer
List of Tables

Table 1: Saudi Arabia Non-Life Insurance - Key Facts, 2016 Table 2: Saudi Arabian Insurance - Industry Shares of Leading Insurers, 2016 Table 3: Saudi Arabian Government Credit Ratings Table 4: Saudi Arabia Non-Life Insurance - Gross Written Premium (SAR Billion and US$ Billion), 2012-2016 Table 5: Saudi Arabia Non-Life Insurance - Penetration (%), 2012-2016 Table 6: Saudi Arabia Non-Life Insurance - Gross Written Premium (SAR Billion and US$ Billion), 2016-2021 Table 7: Saudi Arabia Non-Life Insurance - Penetration (%), 2016-2021 Table 8: Saudi Arabia Non-Life Insurance - Premium per Capita (SAR and US$), 2012-2016 Table 9: Saudi Arabia Non-Life Insurance - Premium per Capita (SAR and US$), 2016-2021 Table 10: Saudi Arabia Non-Life Insurance - Profitability Ratio (%), 2012-2016 Table 11: Saudi Arabia Non-Life Insurance - Profitability Ratio (%), 2016-2021 Table 12: Saudi Arabia Non-Life Insurance - Total Assets (SAR Billion and US$ Billion), 2012-2016 Table 13: Saudi Arabia Non-Life Insurance - Total Assets (SAR Billion and US$ Billion), 2016-2021 Table 14: Saudi Arabia Non-Life Insurance - Total Investment Income (SAR Million and US$ Million), 2012-2016 Table 15: Saudi Arabia Non-Life Insurance - Total Investment Income (SAR Million and US$ Million), 2016-2021 Table 16: Saudi Arabia Non-Life Insurance - Investment Portfolio (SAR Billion), 2012-2016 Table 17: Saudi Arabia Non-Life Insurance - Investment Portfolio (SAR Billion), 2016-2021 Table 18: Saudi Arabia Non-Life Insurance - Direct Written Premium by Category (SAR Billion), 2012-2016 Table 19: Saudi Arabia Non-Life Insurance - Direct Written Premium by Category (SAR Billion), 2016-2021 Table 20: Saudi Arabia Property Insurance - Direct Written Premium by Sub-Category (SAR Billion), 2012-2016 Table 21: Saudi Arabia Property Insurance - Direct Written Premium by Sub-Category (SAR Billion), 2016-2021 Table 22: Saudi Arabia Property Insurance - Loss Ratio (%), 2012-2016 Table 23: Saudi Arabia Property Insurance - Loss Ratio (%), 2016-2021 Table 24: Saudi Arabia Motor Insurance - Loss Ratio (%), 2012-2016 Table 25: Saudi Arabia Motor Insurance - Loss Ratio (%), 2016-2021 Table 26: Saudi Arabia Liability Insurance - Direct Written Premium (SAR Billion and US$ Billion), 2012-2016 Table 27: Saudi Arabia Liability Insurance - Direct Written Premium (SAR Billion and US$ Billion), 2016-2021 Table 28: Saudi Arabia Liability Insurance - Loss Ratio (%), 2012-2016 Table 29: Saudi Arabia Liability Insurance - Loss Ratio (%), 2016-2021 Table 30: Saudi Arabian Transport Network - Global Rankings Table 31: Saudi Arabian - Export Values (SAR Billion) & Weight (Tons) Table 32: Saudi Arabian - Import Values (SAR Billion) & Weight (Tons) Table 33: Saudi Arabia Marine, Aviation and Transit Insurance - Direct Written Premium (SAR Billion and US$ Billion), 2012-2016 Table 34: Saudi Arabia Marine, Aviation and Transit Insurance - Direct Written Premium (SAR Billion and US$ Billion), 2016-2021 Table 35: Saudi Arabia Marine, Aviation and Transit Insurance - Loss Ratio (%), 2012-2016 Table 36: Saudi Arabia Marine, Aviation and Transit Insurance - Loss Ratio (%), 2016-2021 Table 37: Saudi Arabian Insurance - Industry Shares of Leading Insurers (%), 2016 Table 38: The Company for Cooperative Insurance Company - Key Facts Table 39: The Company for Cooperative Insurance Company - Key Financials (SAR Million), 2012-2016 Table 40: The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company - Key Facts Table 41: The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company - Key Financials (SAR Million), 2012-2016 Table 42: Malath Cooperative Insurance & Reinsurance Company - Key Facts Table 43: Malath Cooperative Insurance & Reinsurance Company - Key Financials (SAR Million), 2012-2016 Table 44: Al-Rajhi Company for Cooperative Insurance Company - Key Facts Table 45: Al-Rajhi Company for Cooperative Insurance Company - Key Financials (SAR Million), 2012-2016 Table 46: United Cooperative Assurance Insurance Company - Key Facts Table 47: United Cooperative Assurance Insurance Company - Key Financials (SAR Million), 2012-2016 Table 48: Saudi Arabia - Insurance Regulatory Framework Key Features Table 49: Saudi Arabia - Life Insurance Regulatory Framework Table 50: Saudi Arabia - Property Insurance Regulatory Framework Table 51: Saudi Arabia - Motor Insurance Regulatory Framework Table 52: Saudi Arabia - Liability Insurance Regulatory Framework Table 53: Saudi Arabia - Investment Limits for Insurance Companies Table 54: Saudi Arabia - Corporate Tax Rates for the Financial Year 2016 Table 55: Saudi Arabian Insurance Industry - Policies and Premium, 2012-2016 Table 56: Saudi Arabian Insurance Industry - Policies and Premium, 2016-2021 Table 57: Saudi Arabian Non-Life Insurance - Claims and Expenses, 2012-2016 Table 58: Saudi Arabian Non-Life Insurance - Claims and Expenses, 2016-2021 Table 59: Saudi Arabian Non-Life Insurance - Assets and Investments, 2012-2016 Table 60: Saudi Arabian Non-Life Insurance - Assets and Investments, 2016-2021 Table 61: Saudi Arabian Non-Life Insurance - Property Insurance, 2012-2016 Table 62: Saudi Arabian Non-Life Insurance - Property Insurance, 2016-2021 Table 63: Saudi Arabian Non-Life Insurance - Property Insurance by Product, 2012-2016 Table 64: Saudi Arabian Non-Life Insurance - Property Insurance by Product, 2016-2021 Table 65: Saudi Arabian Non-Life Insurance - Motor Insurance, 2012-2016 Table 66: Saudi Arabian Non-Life Insurance - Motor Insurance, 2016-2021 Table 67: Saudi Arabian Non-Life Insurance - Liability Insurance, 2012-2016 Table 68: Saudi Arabian Non-Life Insurance - Liability Insurance, 2016-2021 Table 69: Saudi Arabian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2012-2016 Table 70: Saudi Arabian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2016-2021 Table 71: Insurance Industry Definitions



To request a free sample copy of this report, please complete the form below.

We never share your personal data. Privacy policy
Interested in this report? Get your FREE sample now! Get a Free Sample
Choose License Type
Single User - US $1450
Multi User - US $2900
Hexareeasearch Know

Did you know?

Research Assistance

Phone: 1-415-349-0054

Toll Free: 1-888-928-9744

Email: [email protected]

Why to buy from us

Custom research service

Speak to the report author to design an exclusive study to serve your research needs.

Information security

Your personal and confidential information is safe and secure.

verify