Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Apr 2023

Market Profile


Saudi Arabia

Insurance will be central to Vision 2030

Saudi Arabia is entering a new phase of its growth as the plans laid out in Vision 2030 start to show green shoots. With significant changes to the regulatory landscape imminent, it has become clear that insurance and reinsurance will play an increasingly critical part in the future development of the kingdom.
 

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Saudi Arabia has new market leader in terms of GWP

Tawuniya has pipped Bupa Arabia to become Saudi Arabia’s largest insurance company by GWP, based on a compilation of their consolidated financial statements for the year ended 31 December 2022. Nonetheless Bupa Arabia is still the highest profit-making insurer in the kingdom.
 

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Green (re)insurance shoots emerge

The change in the reinsurance market poses challenges to the insurance supply chain and business environment. Nonetheless, gains are there for all providers in the long term especially with the significant development Saudi Arabia is witnessing across all economic fields, says Chedid Re KSA’s Mr Mohammed AlSudairy.
 

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InsurTech will be important for Vision 2030, and vice versa

Saudi Arabia’s InsurTech sector is still in its early years and holds much potential for growth. We spoke to PwC Middle East’s Mr Sanjay Jain, who believes that the sector can play a crucial role in helping the kingdom achieve its Vision 2030 objectives.
 

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Health insurance on growth trajectory

Saudi Arabia has ambitious plans for its healthcare sector that are likely to impact the country’s health insurance industry. We spoke to new entrant Cigna’s Mr Jerome Droesch about the attractions of the market and the future for health insurance.
 

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Growing local talent

As Saudi Arabia continues to diversify its economy away from oil, the insurance sector has a significant role in supporting local talent in the kingdom, says McLarens Saudi Arabia’s Mr Hassan Abdulfattah.
 

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