The Saudi insurance market
Insurance market features
- Regulatory authority: Saudi Arabian Monetary Agency (SAMA)
- Premiums (2007): 2.291 billion USD
- Insurance density (2007): 98.75 USD
- Penetration rate (2007): 0.61%
Identity
- Area: 2 149 690 Km2
- Population (2007): 23 200 000 inhabitants
- GDP (2007): 374.457 billion USD
- GDP per capita (2007): 16 140 USD
- GDP growth rate (2007): 4.1%
- Inflation rate (2007): 3%
- Main economic sectors: oil
Main cities
(in number of inhabitants)
- Riyadh (capital): 4 087 152
- Jeddah: 2 801 481
- Mecca: 1 294 16
- Medina: 918 889
Turnover's evolution: 2005-2007
in millions USD| Wrtitten premiums | 2005 | 2006 | 2007 | 2006/07 growth rate |
|---|---|---|---|---|
Protection & Savings | 51.3 | 58.0 | 87.3 | +24.2% |
Health | 364.4 | 591.1 | 818.4 | |
General insurance | 954.9 | 1 196.2 | 1 386.0 | |
Total | 1 370.6 | 1 845.3 | 2 291.7 |
Density: 2005-2007
in USD| Classes of business | 2005 | 2006 | 2007 |
|---|---|---|---|
General insurance | 41.3 | 50.5 | 57.1 |
Health | 15.7 | 24.9 | 33.7 |
Protection & savings | 2.2 | 2.4 | 3.6 |
Total | 59.2 | 77.8 | 94.4 |
Penetration rate: 2005-2007
| Classes of business | 2005 | 2006 | 2007 |
|---|---|---|---|
General insurance | 0.30% | 0.34% | 0.37% |
Health | 0.12% | 0.17% | 0.22% |
Protection & savings | 0.02% | 0.02% | 0.02% |
Total | 0.44% | 0.53% | 0.61% |
Gross written premuims by class of business: 2005-2007
in millions USD| Classes of business | 2005 | 2006 | 2007 |
|---|---|---|---|
Health | 364.4 | 591.1 | 818.4 |
Motor | 422.1 | 510.7 | 651.5 |
Property | 171.3 | 204.6 | 198.1 |
Accident, liability, others | 112.8 | 154.3 | 154.1 |
Marine | 137.5 | 148.2 | 172.7 |
Engineering | 78.7 | 144.7 | 128.2 |
Energy | 32.5 | 33.7 | 81.4 |
Protection & savings | 51.3 | 58.0 | 87.3 |
Total | 1 370.6 | 1 845.3 | 2 291.7 |
Exchange rate SAR/USD as at 31/12 | 2005 | 2006 | 2007 |
0.266 | 0.266 | 0.267 |
