Israel Warns Tehran District to Evacuate as Residents Flee Iran's Capital
Iranians are now carpooling away from one of the most active war zones in the country, sharing rides with strangers they meet via social media. Rustic guesthouses and wedding venues have thrown their doors open to displaced people, offering rooms free or at steep discounts, according to social-media posts. Some lodging sites hundreds of miles from the capital have already filled up.
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Yahoo
11 hours ago
- Yahoo
Saudi Arabia $1 Billion Travel Insurance Market Trends, Competition, Forecast & Opportunities, 2020-2024 & 2025-2030 - Hajj and Umrah Drive Specialized Insurance Needs Amid Booming Inbound Tourism
Key opportunities in Saudi Arabia's travel insurance market include leveraging rapid tourism growth driven by Vision 2030, enhancing digital platforms for policy purchase, and catering to increased demand during events like Hajj and Umrah. Addressing low consumer awareness through education can further expand market potential. Saudi Arabian Travel Insurance Market Dublin, Aug. 15, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Travel Insurance Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to offering. The Saudi Arabia Travel Insurance Market was valued at USD 1.00 Billion in 2024, and is expected to reach USD 2.49 Billion by 2030, rising at a CAGR of 16.32%. The travel insurance market in Saudi Arabia is rapidly evolving, reflecting the nation's commitment to becoming a leading global tourism destination. This growth is largely fueled by the government's Vision 2030 initiative, which aims to diversify the economy by enhancing tourism infrastructure and attracting international visitors. The market is characterized by a variety of insurance products, including trip cancellation, medical coverage, baggage loss, and personal liability. Increasing awareness of travel-related risks, especially following the global pandemic, has led consumers to seek comprehensive insurance solutions that provide peace of mind. Digital transformation is also reshaping the landscape, with more travelers opting to purchase policies online through user-friendly platforms. This shift allows for easier comparison and selection of coverage tailored to individual needs. Additionally, significant demand arises from the influx of pilgrims during Hajj and Umrah, necessitating specialized travel insurance products. Overall, the Saudi Arabia travel insurance market presents substantial opportunities for growth, innovation, and improved customer experiences as the tourism sector continues to expand. The consolidation of regulatory oversight from two entities to one reflects the country's commitment to achieving the goals of Saudi Vision 2030 and the Financial Sector Development Program (FSPD). A key component of this initiative is fostering growth and advancing the insurance sector. The Authority has already reported a 14.6% growth in the sector during the third quarter of 2023, and this growth is expected to continue into 2024 as the Authority becomes fully operational and implements a new legal framework. Key Market Drivers Increasing Influx of Both Domestic and International Tourists Saudi Arabia's tourism sector is witnessing rapid growth in 2024, with inbound international visitors reaching around 30 million-a 9.5% increase from the previous year. This surge is driven by strategic efforts to promote non-religious tourism, significantly boosting the country's economy and global image. International tourist arrivals rose by 73%, while tourism revenues soared by 207%, positioning Saudi Arabia as a leading tourism market globally. On the outbound front, Saudi travelers spent approximately $103.8 billion abroad in 2024, marking an 18% rise from 2023. This growth reflects increased global mobility and interest in international travel among Saudi citizens. The outbound tourism market is projected to reach USD 25.49 billion by 2027, growing at over 15% annually. Overall, both inbound and outbound tourism underscore Saudi Arabia's expanding role as a global tourism hub and its economic diversification efforts. The increasing influx of both domestic and international tourists is a significant driver of the Saudi Arabia travel insurance market. With the government's Vision 2030 initiative, aimed at diversifying the economy and reducing dependence on oil, there has been a concerted effort to promote tourism. Major investments in infrastructure, such as airports, hotels, and attractions, have made the Kingdom more accessible to travelers. Events like the Hajj and Umrah pilgrimage attract millions of visitors annually, creating a high demand for travel insurance tailored to this unique demographic. Pilgrims often require specific coverage for medical emergencies and travel disruptions, which insurers are now beginning to provide. Additionally, cultural and entertainment events, like the Riyadh Season, are attracting more tourists, further boosting the need for comprehensive travel insurance. As more people travel to Saudi Arabia for both leisure and religious purposes, the demand for protection against unforeseen events, such as health issues or trip cancellations, will continue to grow, making tourism a key driver in this market. Key Market Challenges Low Consumer Awareness One of the major challenges facing the Saudi Arabia travel insurance market is low consumer awareness regarding the importance and benefits of travel insurance. Many travelers remain uninformed about the potential risks associated with travel, such as medical emergencies, trip cancellations, or lost baggage. This lack of awareness can lead to underinsurance or a complete absence of coverage, leaving travelers vulnerable to significant financial losses. Efforts to educate consumers about travel insurance are still in their infancy, and misconceptions often persist. Some travelers may view insurance as an unnecessary expense rather than a vital safety net. Additionally, cultural attitudes toward insurance in general can hinder the perceived value of travel insurance. This gap in understanding creates a challenge for insurers who need to market their products effectively. To address this issue, companies must invest in educational campaigns that highlight the risks of travel and the benefits of coverage, targeting both local and international travelers. Increased awareness is crucial for expanding the market, as informed consumers are more likely to seek out and purchase travel insurance. Key Market Trends Digital Transformation Digital transformation is revolutionizing the Saudi Arabia travel insurance market, driving increased accessibility and customer convenience. In 2024, over 70% of travel insurance policies were purchased online through mobile apps and digital platforms, reflecting a significant shift from traditional offline channels. Insurers are increasingly investing in user-friendly digital platforms that allow travelers to compare policies, obtain quotes, and purchase coverage with ease. Mobile applications and websites are being enhanced to facilitate instant access to information, making it more convenient for travelers to secure the protection they need. Additionally, the integration of artificial intelligence and data analytics is enabling insurers to offer personalized products based on individual travel habits and preferences. This technological advancement not only improves customer engagement but also streamlines the claims process, making it faster and more efficient. Insurers can leverage data to assess risks more accurately, leading to better pricing strategies. As digital channels become more popular, traditional distribution methods are being supplemented or replaced, pushing the industry toward a more tech-driven future. Report Scope Key Market Players Tawuniya Insurance Company Al-Rajhi Company for Cooperative Insurance Walaa Cooperative Insurance Company Allianz Saudi Fransi Cooperative Insurance Company Gulf Insurance Group (GIG) Arabian Shield Cooperative Insurance Company Gulf General Cooperative Insurance Company LIVA Insurance Company SALAMA Cooperative Insurance Company AL-Etihad Cooperative Insurance Company Saudi Arabia Travel Insurance Market, By Trip Type: Domestic Outbound Hajj and Umrah Inbound Saudi Arabia Travel Insurance Market, By Mode Of Purchase: Airline Banks Online Travel Agencies Offline Travel Agencies Others Saudi Arabia Travel Insurance Market, By Traveler Type: Senior Citizens Education Travelers Business Travelers Family Travelers Independent Travelers Saudi Arabia Travel Insurance Market, By Mode of Payment: Card Payments E-Wallets Bank Transfers Other Online Payment Saudi Arabia Travel Insurance Market, By Region: Northern & Central Western Southern Southern Key Attributes: Report Attribute Details No. of Pages 88 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $1 Billion Forecasted Market Value (USD) by 2030 $2.49 Billion Compound Annual Growth Rate 16.3% Regions Covered Saudi Arabia For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Saudi Arabian Travel Insurance Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
Yahoo
a day ago
- Yahoo
flynas Celebrates the Launch of Its First Direct Flights Between Riyadh and Moscow
Starting a new chapter in air connectivity Riyadh, Aug. 14, 2025 (GLOBE NEWSWIRE) -- flynas, the leading low-cost airline in the world and the best LCC in the Middle East, celebrated launching three direct weekly flights between Riyadh and Moscow as of the first of August, starting a new chapter in air connectivity, and becoming the first carrier to operate scheduled direct flights between Saudi Arabia and Russia, in collaboration with the Saudi Tourism Authority, and within flynas growth and expansion plan and parallel with the national objectives in the tourism and aviation sectors in the ceremonies were held at King Khalid International Airport in Riyadh and Vnukovo International Airport in Moscow on Friday, August 1. The ceremonies were attended by Abdulrahman Al-Ahmad, the Ambassador of the Custodian of the Two Holy Mosques to Russia, and representatives from flynas, Riyadh Airports Company, the Saudi Tourism Authority, and media members. Travelling guests were welcomed with gifts and Moscow to flynas ever-expanding network of destinations and routes is in line with flynas growth and expansion plan, launched under the title 'We Connect the World to the Kingdom', in parallel with the objectives of the National Civil Aviation Strategy to enable national air carriers to contribute to connecting KSA with 250 International destinations and to accommodate 330 million passengers and to attract 150 million tourists yearly by 2030, and with the objectives of the Pilgrims Experience Program (PEP) to facilitate access to the Two Holy Mosques. flynas, the leading low-cost airline in the world and the best LCC in the Middle East, and the first airline listed on the Saudi Exchange (Tadawul) operates 139 routes to more than 70 domestic and international destinations in 30 countries with more than 2000 weekly flights and has flown more than 80 million passengers since its launch in 2007, with the aim to reach 165 domestic and international destinations within its growth and expansion plan, and in line with the objectives of Vision 2030. Passengers traveling with flynas can book their flights through all flynas booking channels: the flynas app, the call centre (920001234), or travel agents. CONTACT: Company Name: flynas Contact Person: flynas PR Email: woahmed@ Website: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
a day ago
- Bloomberg
Deadly Fires Rage in Greece and Spain Even as Heat Wave Weakens
Firefighters worked overnight to contain deadly blazes in Greece and Spain that have forced the evacuation of thousands of residents and tourists. A wildfire is still burning in an inaccessible part of the Aegean island of Chios, where coastguard vessels carried people to safety from beaches on Wednesday. Crews are working to restore electricity after flames destroyed power poles, triggering a blackout across the island.
