The Saudi insurance market

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Crédit photo: US Gov / CIA World Factbook

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 premiums2005200620072006/07
growth rate
Protection & Savings
51.358.087.3+24.2%
Health
364.4591.1818.4
General insurance
954.91 196.21 386.0
Total
1 370.61 845.32 291.7

Density: 2005-2007

in USD
Classes of business200520062007
General insurance
41.350.557.1
Health
15.724.933.7
Protection & savings
2.22.43.6
Total
59.2 77.8 94.4

Penetration rate: 2005-2007

Classes of business200520062007
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 business200520062007
Health
364.4591.1818.4
Motor
422.1510.7651.5
Property
171.3204.6198.1
Accident, liability, others
112.8154.3154.1
Marine
137.5148.2172.7
Engineering
78.7144.7128.2
Energy
32.533.781.4
Protection & savings
51.358.087.3
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
0
Your rating: None
Thu, 16/05/2013 - 17:03
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