Aarkstore Enterprise Saudi Arabia Insurance Market Outlook to 2015

Aarkstore announce a new report  "Saudi Arabia Insurance Market Outlook to 2015 " through its vast collection of market research report.

The Report titled “Saudi Arabia Insurance Market Outlook to 2015” provides an in-depth analysis of the Saudi Arabia insurance industry. The report covers specific insights on the market size, insurance density, insurance penetration, segmentation and future outlook of the insurance industry in Saudi Arabia. The report also entails the market size on the basis of gross insurance premium written in case of life and non-life insurance and market share of various companies at the country level. Overall, the report offers a comprehensive analysis of the entire Saudi Arabia insurance industry.

Life insurance market has increased to USD ~ million in 2009 from USD ~ million in 2008, registering a growth rate of ~ %, while non-life insurance market grew ~ % to USD ~ million in 2009 from USD ~ million in 2008. Motor and health insurance are the largest growing insurance segments in 2009.

People in Saudi Arabia spent almost 10 times more on non-life insurance products than on the life insurance products as been seen by the density level of non-life insurance industry of USD ~ in 2009 vis a vis USD ~ on life insurance products. It is expected that this density level will continue at the double digit growth rate of ~ % from USD ~ in 2009 to reach USD ~ by 2015.

Saudi Arabia insurance market is dominated by non-life insurance with a significant market share of ~ % for the gross insurance premium of USD ~ million in 2009. Life insurance is still in its initial stages and therefore requires some time to contribute a major portion to the country insurance market. Currently, the market share of life insurance market is ~% with gross life insurance premium of USD ~ million in 2009

In the last five years, the market for health insurance has witnessed a constant increase from ~ % in 2005 to ~ % in 2009. The share of motor insurance is declining in the country. The share has decreased from ~ % in 2005 to ~ % in 2009. A considerable decrease was witnessed in the motor insurance sector, wherein the share of the sector was reduced to half in 2009. The share reduced from ~ % in 2005 to ~ % in 2009.

The share of health insurance grew at phenomenal CAGR of ~ % during the period from 2005-2015. The gross premium increased from USD ~ million in 2005 to USD ~ million in 2008 to USD ~ million in 2009.

Protection and Savings Insurance increased at a healthy double digit growth of ~ % during the forecasted period. During the period from 2007-2009, the sub sector witnessed tremendous growth rate. The premium increased from USD ~ million in 2005 to USD ~ million in 2009. The growth in the sub sector is expected to continue in the future as well but not at the same growth rate that was achieved during the historical period. The CAGR is expected to be around ~ %, where the premium is likely to increase from USD ~ million in 2009 to USD ~ million in 2015.

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