Country Profile

Semblance of the right track

The Saudi insurance industry scored high by the end of 2016 with profits soaring high as seen by preliminary financial results despite sluggish growth in GWP.

The GWP in the Saudi insurance market is unlikely to see double-digit growth in 2016 as in the previous years, though profitability is improving. The mirage of consolidation could eventually become a reality in the coming years.

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An industry ripe for consolidation

After increased earnings but slowing growth last year, 2017 will witness the pursuit of the uninsured and may yet become the year of M&A, when long-awaited consolidation of the insurance sector finally begins to happen. Mr David Anthony of S&P Global shares his views on the current status of the Saudi insurance industry and where the market is headed in 2017.

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