Non-Life Insurance in Saudi Arabia, Key Trends and Opportunities to 2021

Published: Nov, 2017 | Pages: 120 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'Non-Life Insurance in Saudi Arabia Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Saudi Arabian non-life insurance segment, and a comparison of the Saudi Arabian insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Saudi Arabian insurance industry, 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 'Non-Life Insurance in Saudi Arabia Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Saudi Arabian non-life insurance segment, including:

• The Saudi Arabian non-life segment's detailed outlook by product category

• A comprehensive overview of the Saudi Arabian economy and demographics

• A comparison of the Saudi Arabian non-life insurance segment with its regional counterparts

• The various distribution channels in the Saudi Arabian non-life insurance segment

• Detailed analysis of natural hazards and their impact on the Saudi Arabian insurance industry

• Details of the competitive landscape in the non-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 non-life insurance segment in Saudi Arabia:

• It provides historical values for the Saudi Arabian non-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 non-life insurance segment, and market forecasts to 2021.

• It provides a comparison of the Saudi Arabian non-life insurance segment with its regional counterparts

• It analyzes the various distribution channels for non-life insurance products in Saudi Arabia.

• It analyzes various natural hazards and their impact on the Saudi Arabian insurance industry

• It profiles the top non-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 non-life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Saudi Arabian non-life insurance segment.

• Assess the competitive dynamics in the non-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

• Effective from July 2, 2017, insurers and insurance service providers must only hire Saudi citizens for motor insurance claims settlement and customer services administration departments.

• Sanad Cooperative Insurance Company applied for the voluntary liquidation of its business due to a more than 50% loss of its capital in March 2017.

• On March 30, 2017, the Saudi Arabian Monetary Authority (SAMA) introduced Rules on the Collection and Exchange of Motor Insurance Information.

• On December 28, 2016, SAMA issued a new directive to motor insurance companies to provide no-claim discounts to their customers from April 1, 2017.

 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 Profitability
4.2.3 Assets and investments
5 OUTLOOK BY CATEGORY
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Profitability
6 DISTRIBUTION CHANNEL OUTLOOK
6.1 Direct marketing
6.2 Agencies
6.3 Brokers
6.4 Bancassurance
6.5 E-commerce
7 NATURAL AND MAN-MADE HAZARDS
7.1 Flooding
7.2 Droughts
7.3 Earthquakes
7.4 Dust Storms
7.5 Man-made Hazards
7.6 Exposure
8 COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 The company for Cooperative Insurance - company overview
8.1.2 The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company - company overview
8.1.3 Malath Cooperative Insurance & Reinsurance Company - company overview
8.1.4 Al-Rajhi Company for Cooperative Insurance Company - company overview
8.1.5 United Cooperative Assurance Insurance Company - company overview
9 GOVERNANCE, RISK AND COMPLIANCE
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Social insurance system
9.4.3 Third-party liability insurance for high-risk facilities
9.4.4 Professional indemnity insurance for insurance intermediaries
9.4.5 Liability insurance for ships with respect to oil pollution
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 Saudi Arabian Monetary Agency
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Type of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution
10 DATABOOK
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Property Insurance
10.5 Property Insurance by Product
10.6 Motor Insurance
10.7 Liability Insurance
10.8 Marine, Aviation and Transit Insurance
11 DEFINITIONS AND METHODOLOGY
11.1 Definitions
11.2 Methodology
12 ABOUT TIMETRIC
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables

Table 1: Saudi Arabia Non-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 Non-Life Insurance - Gross Written Premium (SAR Billion and US$ Billion), 2012-2016
Table 5: Saudi Arabia Non-Life Insurance - Penetration (%), 2012-2016
Table 6: Saudi Arabia Non-Life Insurance - Gross Written Premium (SAR Billion and US$ Billion), 2016-2021
Table 7: Saudi Arabia Non-Life Insurance - Penetration (%), 2016-2021
Table 8: Saudi Arabia Non-Life Insurance - Premium per Capita (SAR and US$), 2012-2016
Table 9: Saudi Arabia Non-Life Insurance - Premium per Capita (SAR and US$), 2016-2021
Table 10: Saudi Arabia Non-Life Insurance - Profitability Ratio (%), 2012-2016
Table 11: Saudi Arabia Non-Life Insurance - Profitability Ratio (%), 2016-2021
Table 12: Saudi Arabia Non-Life Insurance - Total Assets (SAR Billion and US$ Billion), 2012-2016
Table 13: Saudi Arabia Non-Life Insurance - Total Assets (SAR Billion and US$ Billion), 2016-2021
Table 14: Saudi Arabia Non-Life Insurance - Total Investment Income (SAR Million and US$ Million), 2012-2016
Table 15: Saudi Arabia Non-Life Insurance - Total Investment Income (SAR Million and US$ Million), 2016-2021
Table 16: Saudi Arabia Non-Life Insurance - Investment Portfolio (SAR Billion), 2012-2016
Table 17: Saudi Arabia Non-Life Insurance - Investment Portfolio (SAR Billion), 2016-2021
Table 18: Saudi Arabia Non-Life Insurance - Direct Written Premium by Category (SAR Billion), 2012-2016
Table 19: Saudi Arabia Non-Life Insurance - Direct Written Premium by Category (SAR Billion), 2016-2021
Table 20: Saudi Arabia Property Insurance - Direct Written Premium by Sub-Category (SAR Billion), 2012-2016
Table 21: Saudi Arabia Property Insurance - Direct Written Premium by Sub-Category (SAR Billion), 2016-2021
Table 22: Saudi Arabia Property Insurance - Loss Ratio (%), 2012-2016
Table 23: Saudi Arabia Property Insurance - Loss Ratio (%), 2016-2021
Table 24: Saudi Arabia Motor Insurance - Loss Ratio (%), 2012-2016
Table 25: Saudi Arabia Motor Insurance - Loss Ratio (%), 2016-2021
Table 26: Saudi Arabia Liability Insurance - Direct Written Premium (SAR Billion and US$ Billion), 2012-2016
Table 27: Saudi Arabia Liability Insurance - Direct Written Premium (SAR Billion and US$ Billion), 2016-2021
Table 28: Saudi Arabia Liability Insurance - Loss Ratio (%), 2012-2016
Table 29: Saudi Arabia Liability Insurance - Loss Ratio (%), 2016-2021
Table 30: Saudi Arabian Transport Network - Global Rankings
Table 31: Saudi Arabian - Export Values (SAR Billion) & Weight (Tons)
Table 32: Saudi Arabian - Import Values (SAR Billion) & Weight (Tons)
Table 33: Saudi Arabia Marine, Aviation and Transit Insurance - Direct Written Premium (SAR Billion and US$ Billion), 2012-2016
Table 34: Saudi Arabia Marine, Aviation and Transit Insurance - Direct Written Premium (SAR Billion and US$ Billion), 2016-2021
Table 35: Saudi Arabia Marine, Aviation and Transit Insurance - Loss Ratio (%), 2012-2016
Table 36: Saudi Arabia Marine, Aviation and Transit Insurance - Loss Ratio (%), 2016-2021
Table 37: Saudi Arabian Insurance - Industry Shares of Leading Insurers (%), 2016
Table 38: The Company for Cooperative Insurance Company - Key Facts
Table 39: The Company for Cooperative Insurance Company - Key Financials (SAR Million), 2012-2016
Table 40: The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company - Key Facts
Table 41: The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company - Key Financials (SAR Million), 2012-2016
Table 42: Malath Cooperative Insurance & Reinsurance Company - Key Facts
Table 43: Malath Cooperative Insurance & Reinsurance Company - Key Financials (SAR Million), 2012-2016
Table 44: Al-Rajhi Company for Cooperative Insurance Company - Key Facts
Table 45: Al-Rajhi Company for Cooperative Insurance Company - Key Financials (SAR Million), 2012-2016
Table 46: United Cooperative Assurance Insurance Company - Key Facts
Table 47: United Cooperative Assurance Insurance Company - Key Financials (SAR Million), 2012-2016
Table 48: Saudi Arabia - Insurance Regulatory Framework Key Features
Table 49: Saudi Arabia - Life Insurance Regulatory Framework
Table 50: Saudi Arabia - Property Insurance Regulatory Framework
Table 51: Saudi Arabia - Motor Insurance Regulatory Framework
Table 52: Saudi Arabia - Liability Insurance Regulatory Framework
Table 53: Saudi Arabia - Investment Limits for Insurance Companies
Table 54: Saudi Arabia - Corporate Tax Rates for the Financial Year 2016
Table 55: Saudi Arabian Insurance Industry - Policies and Premium, 2012-2016
Table 56: Saudi Arabian Insurance Industry - Policies and Premium, 2016-2021
Table 57: Saudi Arabian Non-Life Insurance - Claims and Expenses, 2012-2016
Table 58: Saudi Arabian Non-Life Insurance - Claims and Expenses, 2016-2021
Table 59: Saudi Arabian Non-Life Insurance - Assets and Investments, 2012-2016
Table 60: Saudi Arabian Non-Life Insurance - Assets and Investments, 2016-2021
Table 61: Saudi Arabian Non-Life Insurance - Property Insurance, 2012-2016
Table 62: Saudi Arabian Non-Life Insurance - Property Insurance, 2016-2021
Table 63: Saudi Arabian Non-Life Insurance - Property Insurance by Product, 2012-2016
Table 64: Saudi Arabian Non-Life Insurance - Property Insurance by Product, 2016-2021
Table 65: Saudi Arabian Non-Life Insurance - Motor Insurance, 2012-2016
Table 66: Saudi Arabian Non-Life Insurance - Motor Insurance, 2016-2021
Table 67: Saudi Arabian Non-Life Insurance - Liability Insurance, 2012-2016
Table 68: Saudi Arabian Non-Life Insurance - Liability Insurance, 2016-2021
Table 69: Saudi Arabian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2012-2016
Table 70: Saudi Arabian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2016-2021
Table 71: Insurance Industry Definitions