The Saudi Arabian insurance market has been growing for a decade, a trend at odds with most parts of what is an increasingly turbulent region. Intelligent Insurer investigates.
Mention Saudi Arabia to most insurers and you might get some pained looks. The Middle East region is undergoing an immense period of instability, with civil wars and other conflicts in Syria, Iraq and Yemen, but a closer look at Saudi Arabia reveals a vibrant and growing insurance market.
According to Osama Abu Ghazaleh, executive vice president at ACE Insurance and Reinsurance Brokers, a member of Brokerslink, the Saudi Arabian insurance market is one of the fastest-growing markets in the region at the moment.
“We’re seeing very exciting times there, with double-digit growth in each of the last 10 years. The Saudi Arabian insurance market gross written premium (GWP) is around 40 billion Riyals ($10.6 billion) at present, with around 52 percent made up of medical insurance and 25 percent motor insurance, both of which are compulsory here in Saudi Arabia,” he says.
Insurance, Osama Abu Ghazaleh, Abu Ghazaleh, ACE, SAMA, Saudi Arabia, Asia-Pacific