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Non-Life Insurance in Saudi Arabia, Key Trends and Opportunities to 2020

Non-Life Insurance in Saudi Arabia, Key Trends and Opportunities to 2020


  • Products Id :- IS1396MR
  • |
  • Pages: 113
  • |
  • January 2017
  • |
  • |
  Request for Sample Report

Executive Summary

Timetric's 'Non-Life Insurance in Saudi Arabia, Key Trends and Opportunities to 2020' 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 (2011-2015) and forecast period (2015-2020).

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 and man-made hazards 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 2020' 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 and man-made 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 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

It offers a detailed analysis of the key categories in the Saudi Arabian non-life insurance segment, and market forecasts to 2020.

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 and man-made 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

In December 2016, the Saudi Arabian Monetary Authority instructed motor insurers to introduce a no-claims discount provision for individual customers when renewing motor insurance policies.

The penetration rate of non-life insurance segment was 0.7% in 2015, and is expected to reach 1.0% in 2020.

Motor insurance was the largest non-life category, accounting for 65.4% of the segment's direct written premium in 2015.

According to new regulations, hospitals are required to bill treatment expenses to the insurance provider of the person responsible for the accident.



Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
ankur [@] kenresearch.com
+91-9015378249
www.kenresearch.com

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 Premium

5.2.3 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 Analysis by Distribution Channel

7 Natural and Man-made Hazards

7.1 Floods

7.2 Droughts

7.3 Dust Storms

7.4 Earthquakes

7.5 Man-Made Disasters

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

Figure 1: Saudi Arabian Real GDP (SAR Trillion), 2011-2020

Figure 2: Saudi Arabian Consumer Price Inflation (%), 2011-2020

Figure 3: Saudi Arabian Current Account Balance as Percentage of GDP (%), 2011-2015

Figure 4: Saudi Arabian Unemployment Rate, 2011-2020

Figure 5: Saudi Arabian Population by Age Group, 1992-2025

Figure 6: Saudi Arabian Non-Life Insurance Penetration-Regional Comparison (%), 2015

Figure 7: Saudi Arabian Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015

Figure 8: Saudi Arabian Non-life Insurance-Gross Written Premium (SAR Billion), 2011-2020

Figure 9: Saudi Arabian Non-life Insurance-Penetration (%), 2011-2020

Figure 10: Saudi Arabian Non-life Insurance-Premium per Capita (SAR), 2011-2020

Figure 11: Saudi Arabian Non-life Insurance-Profitability Ratio (%), 2011-2020

Figure 12: Saudi Arabian Non-life Insurance-Total Assets (SAR Billion), 2011-2020

Figure 13: Saudi Arabian Non-life Insurance-Total Investment Income (SAR Million), 2011-2020

Figure 14: Saudi Arabian Non-life Insurance-Investment Portfolio (SAR Billion), 2011-2020

Figure 15: Saudi Arabian Non-life Insurance-Investment Portfolio Dynamics by Category, 2011-2020

Figure 16: Saudi Arabian Non-life Insurance-Direct Written Premium by Category (SAR Billion), 2011-2020

Figure 17: Saudi Arabian Non-life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 18: Saudi Arabian Property Insurance Industry-Construction Value Output by Category (SAR Trillion), 2011-2015

Figure 19: Saudi Arabian Property Insurance-Direct Written Premium by Sub-Category (SAR Billion), 2011-2020

Figure 20: Saudi Arabian Property Insurance Industry-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 21: Saudi Arabian Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (SAR Billion and %), 2011-2020

Figure 22: Saudi Arabian Motor Insurance-Direct Written Premium (SAR Billion), 2011-2020

Figure 23: Saudi Arabian Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (SAR Billion and %), 2011-2020

Figure 24: Saudi Arabian Liability Insurance-Direct Written Premium (SAR Million), 2011-2020

Figure 25: Saudi Arabian Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (SAR Billion and %), 2011-2020

Figure 26: Saudi Arabian Saudi Arabian Marine, Aviation and Transit Insurance-Exports and Imports values (SAR Billion), 2011-2015

Figure 27: Saudi Arabian Marine, Aviation and Transit Insurance-Direct Written Premium (SAR Million), 2011-2020

Figure 28: Saudi Arabian Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (SAR Billion and %), 2011-2020

Figure 29: Saudi Arabian Non-life Segment-Market Shares of Leading Insurers (%), 2015

Figure 30: Saudi Arabia-Insurance Supervision and Control at Various Levels

Figure 31: Saudi Arabia-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Saudi Arabian Non-life Insurance-Key Facts, 2015

Table 2: Saudi Arabian Non-life Insurance-Top Insurers, 2015

Table 3: Saudi Arabian Government Credit Ratings

Table 4: Saudi Arabian Non-life Insurance-Gross Written Premium (SAR Billion and US$ Billion), 2011-2015

Table 5: Saudi Arabian Non-life Insurance-Penetration (%), 2011-2015

Table 6: Saudi Arabian Non-life Insurance-Gross Written Premium (SAR Billion and US$ Billion), 2015-2020

Table 7: Saudi Arabian Non-life Insurance-Penetration (%), 2015-2020

Table 8: Saudi Arabian Non-life Insurance-Premium per Capita (SAR and US$), 2011-2015

Table 9: Saudi Arabian Non-life Insurance-Premium per Capita (SAR and US$), 2015-2020

Table 10: Saudi Arabian Non-life Insurance-Profitability Ratio (%), 2011-2015

Table 11: Saudi Arabian Non-life Insurance-Profitability Ratio (%), 2015-2020

Table 12: Saudi Arabian Non-life Insurance-Total Assets (SAR Billion and US$ Billion), 2011-2015

Table 13: Saudi Arabian Non-life Insurance-Total Assets (SAR Billion and US$ Billion), 2015-2020

Table 14: Saudi Arabian Non-life Insurance-Total Investment Income (SAR Million and US$ Million), 2011-2015

Table 15: Saudi Arabian Non-life Insurance-Total Investment Income (SAR Million and US$ Million), 2015-2020

Table 16: Saudi Arabian Non-life Insurance-Investment Portfolio (SAR Billion), 2011-2015

Table 17: Saudi Arabian Non-life Insurance-Investment Portfolio (SAR Billion), 2015-2020

Table 18: Saudi Arabian Non-life Insurance-Direct Written Premium by Category (SAR Billion),2011-2015

Table 19: Saudi Arabian Non-life Insurance-Direct Written Premium by Category (SAR Billion), 2015-2020

Table 20: Saudi Arabian Property Insurance-Direct Written Premium by Sub-Category (SAR Billion), 2011-2015

Table 21: Saudi Arabian Property Insurance-Direct Written Premium by Sub-Category (SAR Billion), 2015-2020

Table 22: Saudi Arabian Property Insurance-Loss Ratio (%), 2011-2015

Table 23: Saudi Arabian Property Insurance-Loss Ratio (%), 2015-2020

Table 24: Saudi Arabian Motor Insurance-Imported Vehicles, 2011-2015

Table 25: Saudi Arabian Motor Insurance-Direct Written Premium by Sub-Category (SAR Billion), 2011-2015

Table 26: Saudi Arabian Motor Insurance-Direct Written Premium by Sub-Category (SAR Billion), 2015-2020

Table 27: Saudi Arabian Motor Insurance-Loss Ratio (%), 2011-2015

Table 28: Saudi Arabian Motor Insurance-Loss Ratio (%), 2015-2020

Table 29: Saudi Arabian Liability Insurance-Direct Written Premium by Sub-Category (SAR Million), 2011-2015

Table 30: Saudi Arabian Liability Insurance-Direct Written Premium by Sub-Category (SAR Million), 2015-2020

Table 31: Saudi Arabian Liability Insurance-Loss Ratio (%), 2011-2015

Table 32: Saudi Arabian Liability Insurance-Loss Ratio (%), 2015-2020

Table 33: Saudi Arabian Transport Network-Global Rankings

Table 34: Saudi Arabian-Export Values( SAR Billion) & Weight (Tons)

Table 35: Saudi Arabian-Import Values( SAR Billion) & Weight (Tons)

Table 36: Saudi Arabian Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (SAR Million), 2011-2015

Table 37: Saudi Arabian Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (SAR Million), 2015-2020

Table 38: Saudi Arabian Marine, Aviation and Transit Insurance-Loss Ratio (%), 2011-2015

Table 39: Saudi Arabian Marine, Aviation and Transit Insurance-Loss Ratio (%), 2015-2020

Table 40: Saudi Arabian Insurance Industry, Market Shares of Leading Insurers (%), 2015

Table 41: The Company for Cooperative Insurance Company-Key Facts

Table 42: The Company for Cooperative Insurance Company-Key Financials (SAR Million), 2011-2015

Table 43: The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company Insurance Company-Key Facts

Table 44: The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company Insurance Company-Key Financials (SAR Million), 2011-2015

Table 45: Malath Cooperative Insurance & Reinsurance Company Insurance Company-Key Facts

Table 46: Malath Cooperative Insurance & Reinsurance Company Insurance Company-Key Financials (SAR Million), 2011-2015

Table 47: Al-Rajhi Company for Cooperative Insurance Company-Key Facts

Table 48: Al-Rajhi Company for Cooperative Insurance Company-Key Financials (SAR Million), 2011-2015

Table 49: United Cooperative Assurance Insurance Company-Key Facts

Table 50: United Cooperative Assurance Insurance Company-Key Financials (SAR Million), 2011-2015

Table 51: Saudi Arabia-Insurance Regulatory Framework Key Features

Table 52: Saudi Arabia-Life Insurance Regulatory Framework

Table 53: Saudi Arabia-Property Insurance Regulatory Framework

Table 54: Saudi Arabia-Motor Insurance Regulatory Framework

Table 55: Saudi Arabia-Liability Insurance Regulatory Framework

Table 56: Saudi Arabia-Investment Limits for Insurance Companies

Table 57: Saudi Arabia-Corporate Tax Rates for the Financial Year 2016

Table 58: Saudi Arabian Insurance Industry-Policies and Premium, 2011-2015

Table 59: Saudi Arabian Insurance Industry-Policies and Premium, 2015-2020

Table 60: Saudi Arabian Non-life Insurance-Claims and Expenses, 2011-2015

Table 61: Saudi Arabian Non-life Insurance-Claims and Expenses, 2015-2020

Table 62: Saudi Arabian Non-life Insurance-Assets and Investments, 2011-2015

Table 63: Saudi Arabian Non-life Insurance-Assets and Investments, 2015-2020

Table 64: Saudi Arabian Non-life Insurance-Property Insurance, 2011-2015

Table 65: Saudi Arabian Non-life Insurance-Property Insurance, 2015-2020

Table 66: Saudi Arabian Non-life Insurance-Property Insurance by Product, 2011-2015

Table 67: Saudi Arabian Non-life Insurance-Property Insurance by Product, 2015-2020

Table 68: Saudi Arabian Non-life Insurance-Motor Insurance, 2011-2015

Table 69: Saudi Arabian Non-life Insurance-Motor Insurance, 2015-2020

Table 70: Saudi Arabian Non-life Insurance-Liability Insurance, 2011-2015

Table 71: Saudi Arabian Non-life Insurance-Liability Insurance, 2015-2020

Table 72: Saudi Arabian Non-life Insurance-Marine, Aviation and Transit Insurance, 2011-2015

Table 73: Saudi Arabian Non-life Insurance-Marine, Aviation and Transit Insurance, 2015-2020

Table 74: Insurance Industry Definitions

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Non-life insurance, Economy and demographics, Motor insurance, Property insurance, Liability insurance, Marine insurance, Aviation insurance, Transit insurance , Distribution channels, Agencies, Insurance brokers, Direct marketing, Natural and man-made hazards, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization


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