Saudi insurance market: premiums to grow by 2026

According to a report published by Alpen Capital, the Saudi insurance market's turnover should increase by 1.6% per year to reach 10.8 billion USD in 2026.

The annual growth rate of the non-life class of business would be 1.5%, that is, 10.4 billion USD in premiums in 2026. As for the life premiums, they would reach 400 million USD within five years.

According to the same study, the insurance penetration rate and the insurance density in the Kingdom should reach 1.1% and 276.9 USD respectively.

Several factors would contribute to the development of insurance, including compulsory coverage, population growth, the introduction of new regulations and economic diversification.