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Yahoo
27-05-2025
- Business
- Yahoo
Saudi Arabia Property and Casualty Insurance Market Report 2025: Regulatory Reforms Propel Growth, Low Insurance Penetration Challenges Expansion
The Saudi Arabia Property & Casualty Insurance Market, valued at USD 44.15M in 2024, is set to reach USD 67.34M by 2030, growing at a 7.35% CAGR. Driven by Vision 2030, regulatory reforms, and increased risk management awareness, demand surges amid infrastructure expansion. Key players include Tawuniya and MEDGULF. Saudi Arabian Property and Casualty Insurance Market Dublin, May 27, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Property and Casualty Insurance Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to offering. The Saudi Arabia property and casualty (P&C) insurance market, valued at USD 44.15 million in 2024, is on track to reach USD 67.34 million by 2030, growing at a CAGR of 7.35%. This growth is driven by regulatory reforms, economic diversification under Vision 2030, and heightened awareness of risk management. The Saudi government's emphasis on strengthening the insurance sector and expanding infrastructure projects has increased demand for P&C insurance products. As foreign investment and market liberalization increase, competition among insurers is intensifying, prompting businesses and individuals to seek enhanced financial protection. According to the Saudi Arabia Central Bank (SAMA) 2022 Insurance Market Report, the sector expanded by 26.9%, with substantial growth in Gross Written Premium (GWP). Key Market Drivers Saudi Arabia's insurance sector is bolstered by regulatory advancements led by the Saudi Central Bank (SAMA) and the Insurance Authority. These reforms, aimed at enhancing transparency, financial stability, and consumer protection, include stricter compliance requirements and improved risk assessment mechanisms. Compulsory insurance policies in sectors like construction, health, and vehicle ownership contribute to the market's growth. Aligned with the 2017 Financial Sector Development Programme, part of Vision 2030, Saudi Arabia targets increasing GWP from 1.9% in 2019 to 2.4% by 2025 and 4.3% by 2030 as a share of non-oil GDP. Key Market Challenges The market faces challenges like low insurance penetration due to cultural perceptions and financial illiteracy, particularly in property insurance. Many businesses, especially SMEs, remain underinsured, exposing them to risks like property damage or natural disasters. To address this, insurers should invest in awareness campaigns and offer Sharia-compliant policies. Key Market Trends Demand for customized insurance products is rising as the economy diversifies. Insurers are creating tailored policies for sectors such as construction, logistics, healthcare, and cybersecurity. Cyber insurance is increasingly important, protecting businesses from threats like data breaches. Key Market Players The Company for Cooperative Insurance (Tawuniya) The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) SALAMA Cooperative Insurance Company Saudi Arabian Cooperative Insurance Co. Gulf Union Cooperative Insurance Company Al-Ittihad Cooperative Insurance Company Al Sagr Cooperative Insurance Company Allianz SE Liva Group SAOG Gulf General Cooperative Insurance Company Key Attributes: Report Attribute Details No. of Pages 81 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $44.15 Million Forecasted Market Value (USD) by 2030 $67.34 Million Compound Annual Growth Rate 7.3% Regions Covered Saudi Arabia Key Topics Covered: 1. Introduction 2. Research Methodology 3. Executive Summary 4. Voice of Customer Analysis 5. Saudi Arabia Property and Casualty Insurance Market Outlook 6. Saudi Arabia Motor Insurance Market Outlook 7. Saudi Arabia Property & Fire Insurance Market Outlook 8. Saudi Arabia Marine Insurance Market Outlook 9. Saudi Arabia Aviation Insurance Market Outlook 10. Saudi Arabia Accident & Liability Insurance Market Outlook 11. Market Dynamics 12. Market Trends & Developments 13. Saudi Arabia Economic Profile 14. Policy & Regulatory Landscape 15. Competitive Landscape 16. Strategic Recommendations 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 Property and Casualty 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 +353-1-416-8900Error 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
Arab News
26-05-2025
- Business
- Arab News
70 participants graduate in Riyadh AI and Innovation Hackathon
RIYADH: Seventy participants have completed the AI and Innovation Hackathon program held in Riyadh recently. Organized by the Financial Academy, in partnership with MEDGULF Insurance Company, the program is aimed at training national talents capable of driving the development of the insurance sector in the Kingdom, in line with the goals of Saudi Vision 2030. The hackathon included several key phases, starting with data collection and pertinent challenges, followed by awareness sessions and inviting applications, then idea screening, and the selection of the best candidates. The five-month event culminated in an intensive five-day hackathon with creative engagement from the participants. The Financial Academy has several responsibilities and mandates, such as: including training and qualifying employees working in the financial sectors, setting standards and requirements for practicing professions in the financial services market, publishing scientific research.
