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Published: Nov, 2017 | Pages:
88 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis
Timetric's 'Life Insurance in Saudi Arabia Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Saudi Arabian life insurance segment, and a comparison of the Saudi Arabian insurance industry with its regional counterparts. It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012-2016) and forecast period (2016-2021). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Saudi Arabian economy and demographics, and provides detailed information on the competitive landscape in the country. The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Summary
Timetric's 'Life Insurance in Saudi Arabia Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Saudi Arabian life insurance segment, including: • An overview of the Saudi Arabian life insurance segment • The Saudi Arabian life insurance segment's growth prospects by category • A comprehensive overview of the Saudi Arabian economy and demographics • A comparison of the Saudi Arabian life insurance segment with its regional counterparts • The various distribution channels in the Saudi Arabian life insurance segment • Details of the competitive landscape in the life insurance segment in Saudi Arabia • Details of regulatory policy applicable to the Saudi Arabian insurance industry
Scope
This report provides a comprehensive analysis of the life insurance segment in Saudi Arabia: • It provides historical values for the Saudi Arabian life insurance segment for the report's 2012-2016 review period, and projected figures for the 2016-2021 forecast period. • It offers a detailed analysis of the key categories in the Saudi Arabian life insurance segment, and market forecasts to 2021. • It provides a comparison of the Saudi Arabian life insurance segment with its regional counterparts • It analyzes the various distribution channels for life insurance products in Saudi Arabia. • It profiles the top life insurance companies in Saudi Arabia and outlines the key regulations affecting them.
Reasons To Buy
• Make strategic business decisions using in-depth historic and forecast market data related to the Saudi Arabian life insurance segment, and each category within it. • Understand the demand-side dynamics, key market trends and growth opportunities in the Saudi Arabian life insurance segment. • Assess the competitive dynamics in the life insurance segment. • Identify growth opportunities and market dynamics in key product categories. • Gain insights into key regulations governing the Saudi Arabian insurance industry, and their impact on companies and the industry's future.
Key Highlights
• In 2016, the Saudi government introduced and started implementing new provisions in the 'Saudization' plan under its Vision 2030 program. • In May 2016, the Saudi Arabian Monetary Authority (SAMA) issued new regulations for the expansion of branches and points of sale for insurance entities, including insurance and reinsurance companies and insurance intermediaries. • SAMA issued new rules on surplus distribution for insurers and reinsurers, which came into effect from April 2015.
Table of Contents
1 KEY FACTS AND HIGHLIGHTS 2 EXECUTIVE SUMMARY 3 ECONOMY AND DEMOGRAPHICS 4 SEGMENT OUTLOOK 4.1 Regional Comparison 4.2 Segment Indicators 4.2.1 Gross written premium and penetration 4.2.2 Assets and investments 5 DISTRIBUTION CHANNEL OUTLOOK 5.1 Direct Marketing 5.2 Agencies 5.3 Brokers 5.4 Bancassurance 5.5 E-commerce 6 COMPETITIVE LANDSCAPE 6.1 Company Profiles 6.1.1 The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company - company overview 6.1.2 Axa Cooperative Insurance Company - company overview 6.1.3 Allianz Saudi Fransi Insurance Company - company overview 6.1.4 MetLife AIG ANB Cooperative Insurance Company - company overview 6.1.5 Al Sagr Cooperative Insurance Company - company overview 7 GOVERNANCE, RISK AND COMPLIANCE 7.1 Legislation Overview and Historical Evolution 7.2 Latest Changes in Regulation 7.3 Legislation and Market Practice by Type of Insurance 7.3.1 Life insurance 7.3.2 Property insurance 7.3.3 Motor insurance 7.3.4 Liability insurance 7.3.5 Marine, aviation and transit insurance 7.3.6 Personal accident and health insurance 7.4 Compulsory Insurance 7.4.1 Motor third-party liability insurance 7.4.2 Social insurance system 7.4.3 Third-party liability insurance for high-risk facilities 7.4.4 Professional indemnity insurance for insurance intermediaries 7.4.5 Liability insurance for ships with respect to oil pollution 7.5 Supervision and Control 7.5.1 International Association of Insurance Supervisors 7.5.2 Saudi Arabian Monetary Agency 7.6 Non-Admitted Insurance Regulations 7.6.1 Overview 7.6.2 Intermediaries 7.6.3 Market practices 7.6.4 Fines and penalties 7.7 Company Registration and Operations 7.7.1 Type of insurance organization 7.7.2 Establishing a local company 7.7.3 Foreign ownership 7.7.4 Types of license 7.7.5 Capital requirements 7.7.6 Solvency margins 7.7.7 Reserve requirements 7.7.8 Investment regulations 7.7.9 Statutory return requirements 7.7.10 Fee structure 7.8 Taxation 7.8.1 Insurance premium or policy taxation 7.8.2 Withholding taxes on premium paid overseas 7.8.3 Corporate tax 7.8.4 VAT 7.8.5 Captives 7.9 Legal System 7.9.1 Introduction 7.9.2 Access to court 7.9.3 Alternative dispute resolution 8 DATABOOK 8.1 Policies and Premium 8.2 Claims and Expenses 8.3 Assets and Investments 9 DEFINITIONS AND METHODOLOGY 9.1 Definitions 9.2 Methodology 10 ABOUT TIMETRIC 10.1 Contact Timetric 10.2 About Timetric 10.3 Timetric's Services 10.4 Disclaimer
List of Tables
Table 1: Saudi Arabia Life Insurance - Key Facts, 2016 Table 2: Saudi Arabian Insurance - Industry Shares of Leading Insurers, 2016 Table 3: Saudi Arabian Government Credit Ratings Table 4: Saudi Arabia Life Insurance - Gross Written Premium (SAR Million and US$ Million), 2012-2016 Table 5: Saudi Arabia Life Insurance - Penetration (%), 2012-2016 Table 6: Saudi Arabia Life Insurance - Gross Written Premium (SAR Billion and US$ Billion), 2016-2021 Table 7: Saudi Arabia Life Insurance - Penetration (%), 2016-2021 Table 8: Saudi Arabia Life Insurance - Premium per Capita (SAR and US$), 2012-2016 Table 9: Saudi Arabia Life Insurance - Premium per Capita (SAR and US$), 2016-2021 Table 10: Saudi Arabia Life Insurance - Total Assets (SAR Billion and US$ Billion), 2012-2016 Table 11: Saudi Arabia Life Insurance - Total Assets (SAR Billion and US$ Billion), 2016-2021 Table 12: Saudi Arabia Life Insurance - Total Investment Income (SAR Million and US$ Million), 2012-2016 Table 13: Saudi Arabia Life Insurance - Total Investment Income (SAR Million and US$ Million), 2016-2021 Table 14: Saudi Arabia Life Insurance - Investment Portfolio (SAR Billion), 2012-2016 Table 15: Saudi Arabia Life Insurance - Investment Portfolio (SAR Billion), 2016-2021 Table 16: Saudi Arabian Insurance - Industry Shares of Leading Insurers (%), 2016 Table 17: The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company Insurance Company - Key Facts Table 18: The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company Insurance Company - Key Financials (SAR Million), 2012-2016 Table 19: Axa Cooperative Insurance Company - Key Facts Table 20: Axa Cooperative Insurance Company - Key Financials (SAR Million), 2012-2016 Table 21: Saudi Arabian Cooperative Insurance Company - Key Facts Table 22: Saudi Arabian Cooperative Insurance Company - Key Financials (SAR Million), 2012-2016 Table 23: Al-Rajhi Company for Cooperative Insurance Company - Key Facts Table 24: Al Sagr Cooperative Insurance Company - Key Facts Table 25: Saudi Arabia - Insurance Regulatory Framework Key Features Table 26: Saudi Arabia - Life Insurance Regulatory Framework Table 27: Saudi Arabia - Property Insurance Regulatory Framework Table 28: Saudi Arabia - Motor Insurance Regulatory Framework Table 29: Saudi Arabia - Liability Insurance Regulatory Framework Table 30: Saudi Arabia - Investment Limits for Insurance Companies Table 31: Saudi Arabia - Corporate Tax Rates for the Financial Year 2016 Table 32: Saudi Arabia Life Insurance - Policies and Premium, 2012-2016 Table 33: Saudi Arabia Life Insurance - Policies and Premium, 2016-2021 Table 34: Saudi Arabia Life Insurance - Claims and Expenses, 2012-2016 Table 35: Saudi Arabia Life Insurance - Claims and Expenses, 2016-2021 Table 36: Saudi Arabia Life Insurance - Assets and Investments, 2012-2016 Table 37: Saudi Arabia Life Insurance - Assets and Investments, 2016-2021 Table 38: Insurance Industry Definitions
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