Insurance

KSA Insurance: Is it ripe for consolidation?

In Saudi Arabia, there are more than 35 companies that are licensed to provide insurance services, further there are 150+ companies that offer insurance support services and allied activities. Together, they generated business, as measured by gross written premium, worth USD 9.9bn last year. However, the profitability of the sector remains low and inadequate. Almost half of the companies reported losses and even among those that reported profits, less than half of them were able to earn higher returns than...

Healthcare in Saudi Arabia – where are the opportunities?

The government is benevolent to the extent that it pays for all medical charges even outside the country if it is deemed necessary for a patient to travel abroad for advanced healthcare facilities. Saudi’s healthcare system is comprised of three service providers – the Ministry of Health (MoH) hospitals, government hospitals and private hospitals. However, gaps are evident in the services offered to the people. The kingdom is projected to require 15,888 beds in 2018, accounting for almost 50 per...

Saudi Arabia Insurance: Untapped Potential offers Fast Paced Growth Opportunities

Despite Saudi Arabia’s huge population and the growth witnessed over the past few years, the penetration levels of were lower than UAE and Bahrain. Lower penetration and favourable government policies would serve as strong growth factors. Market Size of Insurance Industry Saudi Arabia Insurance has a penetration rate of mere 1.5% in 2015 and compared with the developed nations is grossly under insured. With a large population of 32 Mn and strong GDP growth of over 3% there is a...