Saudi Insurance market: towards an annual growth of 5% by 2024

Following a study conducted by the investment bank Alpen Capital, the Saudi insurance market is believed to reach 48 billion Sar (12.8 billion USD) worth of premiums by 2024.

The five-year (2019-2024) estimated annual growth rate would be 5%. The latter is a promising forecast for the Saudi insurance market. In 2018, the business underwent a decrease of 4% in premiums which dropped to 34.2 billion SAR (9.104 billion USD) compared to 36.5 billion SAR (9.726 billion USD) in 2017.

These forecasts are based on the market’s performances by the third quarter of 2019, that is, a few months before the outbreak of the coronavirus pandemic.