Will the Saudi insurance market consolidation finally take place in 2017?

According to Standard and Poor’s, the Saudi insurance market is set to undergo a series of mergers and acquisitions by the end of this year. This trend is all the more cumbersome as the economic crisis that hit the country limited market growth and darkened development perspectives for insurers.

While a slight increase of the turnover is possible in 2017, it has to be credited to the public authorities that have been strictly pursuing the individuals who fail to comply with insurance requirements, especially the ones pertaining to the motor class of business.

Gross premium estimates for the entire market amounted in 2016 to 35.8 billion SAR (9.55 billion USD), that is 0.5% more than in 2015.

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