Magazine date:
Oct 2015 According to Alpen Capital, by 2020, the Saudi market would weigh more than 51% of the turnover of all the insurance companies of the Gulf Cooperation Council, against 36.6% in 2014. It would dethrone the UAE which would drop by 10 points from 41% of total premiums in 2014 to 31.2% in 2020. The other countries in the region would experience a smaller decline in their market share.
The average annual growth rate of the Saudi insurance over the period 2015 to 2020 would be around 25% against 17.8% in Qatar, Oman 15.2%, 13.4% in the UAE, 7.8% in the Bahrain and 5.8% in Kuwait. The development of insurance in the Kingdom is favored by the high population and the rigorous application of laws beneficial to this industry growth.