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Industry Analysis Insurance In Saudi Arabia. Strategic Marketing. Outline. Overview Market leaders Industry future and challenges Q&A References. Overview. Insurance Industry Overview.

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Presentation Transcript
  • Overview
  • Market leaders
  • Industry future and challenges
  • Q&A
  • References
insurance industry overview
Insurance Industry Overview
  • The role of the insurance sector is to be a cornerstone of the Saudi financial services sector by providing reliable risk transfer mechanisms, promoting long-term savings, and being a key enabler of a healthy Saudi economy
  • The industry has emerged as one of the fastest growing insurance industries in GCC and across the world
  • Regarding the global economic crisis the insurance industry has marinated its 30-35% annual growth rate
  • The first Saudi Arabian legislation regulating insurance was enacted in 2003
  • The regulator is the Saudi Arabian Monetary Agency (SAMA)
regulatory environment
Regulatory Environment
  • Co-operative Insurance Regulations
  • Foreign Ownership
  • Management and finances
    • Board members, senior managers, mergers and takeovers of insurance companies must be approved by SAMA.
    • Any change of ownership in shares exceeding 5% must be notified to SAMA.
    • SAMA has the right to set minimum and maximum limits of cover and of premiums
    • Retention of risk must not be below 30%
industry growth
Industry Growth

Gross Written Premiums 2006-2010

industry drivers
Industry Drivers
  • Low Penetration (total insurance premiums to gross domestic product)
  • Insurance Density (total insurance premiums to total population)
  • The number of companies is increasing
  • Strong government spending
  • Economic diversification are likely to increase the number of persons opting for insurance plans

It was the steppingstone to create a viable insurance industry in Saudi Arabia

  • Providing all types of insurance
  • invested heavily in the development of professional Saudi insurance employees
  • Contributed to the education and awareness of the society in regards to insurance
  • Developed new strategies and business plans concentrate on improvements in customer service, new products, and internal working environment
market share for 2011
Market Share for 2011

Others Companies

  • Long experience
  • New products
  • Customer satisfaction
  • Work environment
  • International Experience
  • Specialized in healthcare
  • Long experience
  • Tailor-maid solutions
market share for 2010
Market Share for 2010

Others Companies

strategic group for insurance industry
Strategic Group For Insurance Industry



Service & Credibility





Extend of Products

industry future
Industry Future
  • Takaful, Islamic insurance will be the fastest growing segments in the insurance industry in Saudi Arabia and expected to reach 12 billions in 2015
  • The share of gross health insurance is likely to reach around 60% by 2015
  • Non-life penetration will rise from 0.98% in 2010 to 1.25% by 2015
  • General insurance sector is expected to grow around 13% from 2011-2015
  • Issues with Islamic finance
  • increasing levels of competition
  • Lack of awareness
  • No official organization
  • No specialized human resources
  • Moral Hazards and Frauds
  • Too many parties involved in the process
    • Official organization (SAMA)
    • Insurance companies
    • Service providers
    • Customers (insured)
  • “Saudi Arabia Insurance Market Analysis”, Research report by RNCOS