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Life Insurance in Saudi Arabia, Key Trends and Opportunities to 2018

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Date: 08-Sep-2015
No. of pages: 90
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Synopsis

Timetric's 'Life Insurance in Saudi Arabia, Key Trends and Opportunities to 2018' report provides detailed analysis of the market trends, drivers, challenges in the Saudi Arabian life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions during the review period (2009-2013) and forecast period (2013-2018).

The report also analyzes distribution channels operating in the segment, 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 regulatory structure.

Summary

Timetric's 'Life Insurance in Saudi Arabia, Key Trends and Opportunities to 2018' report provides in-depth market analysis, information and insights into the Saudi Arabian life insurance segment, including:

• The Saudi Arabian life insurance segment's growth prospects by life insurance category

• Key trends, drivers and challenges for the life insurance segment

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

• Details of regulatory policy applicable to the Saudi Arabian insurance industry

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

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 2009-2013 review period, and projected figures for the 2013-2018 forecast period.

• It offers a detailed analysis of the key categories in the Saudi Arabian life insurance segment, and market forecasts to 2018.

• 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

• The Saudi Arabian life insurance segment has significant potential for growth and expansion over the forecast period, driven by favorable demographic factors such as rises in the aging population and life expectancy.

• In terms of gross written premium, life insurance was the most underperforming segment, accounting for 3.3% of the overall insurance gross written premium.

• Agencies remained the most popular distribution channel among life insurers in Saudi Arabia during the review period. Agencies' share of the segment's total commission stood at 43.2% in 2013.

• Life insurance penetration in Saudi Arabia is lower than in other GCC countries such as the UAE and Bahrain. The low penetration rate can be mainly attributed to the emergence of takaful insurance and the limited presence of conventional life insurance in the country.

• The Saudi life insurance segment registered a combined ratio of below 100% during the review period, indicating that insurers have recorded underwriting profits.

Life Insurance in Saudi Arabia, Key Trends and Opportunities to 2018

Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Saudi Arabian Insurance Industry Overview
4.1 Insurance Industry Size, 2009-2018
5 Life Insurance Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Life Insurance Growth Prospects by Category
5.5 Life Insurance Growth Prospects by Product Type
5.5.1 Total non-linked insurance business
6 Analysis by Distribution Channel
6.1 Direct Marketing
6.2 Bancassurance
6.3 Agencies
6.4 Brokers
7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulations
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
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors
7.5.2 Saudi Arabian Monetary Agency (SAMA)
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 Types 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 (ADR)
8 Competitive Landscape and Strategic Insights
8.1 Overview
8.2 Leading Companies in the Saudi Arabian Life Insurance Segment
8.2.1 Axa Cooperative Insurance Company - Company Overview
8.2.2 Malath Cooperative Insurance & Reinsurance Company - Company Overview
8.2.3 Allianz Saudi Fransi Cooperative Insurance Co. - Company Overview
8.2.4 Saudi Arabian Cooperative Insurance Company (SAICO) - Company Overview
9 Appendix - 1
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Saudi Arabian Life Insurance - Key Facts, 2013
Table 2: Insurance Industry Definitions
Table 3: Saudi Arabian Insurance Industry - Gross Written Premium by Segment (SAR Billion), 2009-2013
Table 4: Saudi Arabian Insurance Industry - Gross Written Premium by Segment (US$ Billion), 2009-2013
Table 5: Saudi Arabian Insurance Industry - Gross Written Premium by Segment (SAR Billion), 2013-2018
Table 6: Saudi Arabian Insurance Industry - Gross Written Premium by Segment (US$ Billion), 2013-2018
Table 7: Saudi Arabian Insurance Industry - Gross Written Premium by Segment (Percentage Share), 2009-2018
Table 8: Saudi Arabian Insurance Industry - Direct Written Premium by Segment (SAR Billion), 2009-2013
Table 9: Saudi Arabian Insurance Industry - Direct Written Premium by Segment (US$ Billion), 2009-2013
Table 10: Saudi Arabian Insurance Industry - Direct Written Premium by Segment (SAR Billion), 2013-2018
Table 11: Saudi Arabian Insurance Industry - Direct Written Premium by Segment (US$ Billion), 2013-2018
Table 12: Saudi Arabian Insurance Industry - Direct Written Premium by Segment (Percentage Share), 2009-2018
Table 13: Saudi Arabian Life Insurance - Earned Premium (SAR Million), 2009-2013
Table 14: Saudi Arabian Life Insurance - Earned Premium (SAR Million), 2013-2018
Table 15: Saudi Arabian Life Insurance - Paid Claims (SAR Million), 2009-2013
Table 16: Saudi Arabian Life Insurance - Paid Claims (SAR Million), 2013-2018
Table 17: Saudi Arabian Life Insurance - Incurred Loss (SAR Million), 2009-2013
Table 18: Saudi Arabian Life Insurance - Incurred Loss (SAR Million), 2013-2018
Table 19: Saudi Arabian Life Insurance - Loss Ratio (%), 2009-2013
Table 20: Saudi Arabian Life Insurance - Loss Ratio (%), 2013-2018
Table 21: Saudi Arabian Life Insurance - Commissions and Expenses (SAR Million), 2009-2013
Table 22: Saudi Arabian Life Insurance - Commissions and Expenses (SAR Million), 2013-2018
Table 23: Saudi Arabian Life Insurance - Combined Ratio (%), 2009-2013
Table 24: Saudi Arabian Life Insurance - Combined Ratio (%), 2013-2018
Table 25: Saudi Arabian Life Insurance - Total Assets (SAR Billion), 2009-2013
Table 26: Saudi Arabian Life Insurance - Total Assets (SAR Billion), 2013-2018
Table 27: Saudi Arabian Life Insurance - Total Investment Income (SAR Million), 2009-2013
Table 28: Saudi Arabian Life Insurance - Total Investment Income (SAR Million), 2013-2018
Table 29: Saudi Arabian Life Insurance - Retentions (SAR Million), 2009-2013
Table 30: Saudi Arabian Life Insurance - Retentions (SAR Million), 2013-2018
Table 31: Saudi Arabian Non-Linked Insurance Business - Gross Written Premium (SAR Billion), 2009-2013
Table 32: Saudi Arabian Non-Linked Insurance Business - Gross Written Premium (SAR Billion), 2013-2018
Table 33: Saudi Arabian Non-Linked Insurance Business - Direct Written Premium (SAR Billion), 2009-2013
Table 34: Saudi Arabian Non-Linked Insurance Business - Direct Written Premium (SAR Billion), 2013-2018
Table 35: Saudi Arabian Life Insurance - Direct Marketing Commission Paid (SAR Million), 2009-2013
Table 36: Saudi Arabian Life Insurance - Direct Marketing Commission Paid (SAR Million), 2013-2018
Table 37: Saudi Arabian Life Insurance - Bancassurance Commission Paid (SAR Million), 2009-2013
Table 38: Saudi Arabian Life Insurance - Bancassurance Commission Paid (SAR Million), 2013-2018
Table 39: Saudi Arabian Life Insurance - Commission Paid to Agencies (SAR Million), 2009-2013
Table 40: Saudi Arabian Life Insurance - Commission Paid to Agencies (SAR Million), 2013-2018
Table 41: Saudi Arabian Life Insurance - Commission Paid to Brokers (SAR Million), 2009-2013
Table 42: Saudi Arabian Life Insurance - Commission Paid to Brokers (SAR Million), 2013-2018
Table 43: Saudi Arabia - Life Insurance Regulatory Framework
Table 44: Saudi Arabia - Property Insurance Regulatory Framework
Table 45: Saudi Arabia - Motor Insurance Regulatory Framework
Table 46: Saudi Arabia - Liability Insurance Regulatory Framework
Table 47: Saudi Arabia - Investment Limits for Insurance Companies
Table 48: Saudi Arabia - Corporate Tax Rates for the Financial Year 2015
Table 49: List of Key Insurers in the Saudi Arabian Life Insurance Segment, 2013
Table 50: Axa Cooperative Insurance Company - Key Facts
Table 51: Axa Cooperative Insurance Company - Key Financials (SAR Million), 2010-2013
Table 52: Malath Cooperative Insurance & Reinsurance Company - Key Facts
Table 53: Malath Cooperative Insurance & Reinsurance Company - Key Financials (SAR Million), 2010-2013
Table 54: Allianz Saudi Fransi Cooperative Insurance Co. - Key Facts
Table 55: Allianz Saudi Fransi Cooperative Insurance Co. - Key Financials (SAR Million), 2010-2013
Table 56: Saudi Arabian Cooperative Insurance Company (SAICO) - Key Facts
Table 57: Saudi Arabian Cooperative Insurance Company (SAICO) - Key Financials (SAR Million), 2010-2013

List of Figures
Figure 1: Saudi Arabian Insurance Industry - Gross Written Premium by Segment (SAR Billion), 2009-2018
Figure 2: Saudi Arabian Insurance Industry - Gross Written Premium Dynamics by Segment, (2009-2018)
Figure 3: Saudi Arabian Insurance Industry - Direct Written Premium by Segment (SAR Billion), 2009-2018
Figure 4: Saudi Arabian Insurance Industry - Direct Written Premium Dynamics by Segment (2009-2018)
Figure 5: Saudi Arabian Life Insurance - Earned Premium (SAR Million), 2009-2013
Figure 6: Saudi Arabian Life Insurance - Earned Premium (SAR Million), 2013-2018
Figure 7: Saudi Arabian Life Insurance - Paid Claims (SAR Million), 2009-2013
Figure 8: Saudi Arabian Life Insurance - Paid Claims (SAR Million), 2013-2018
Figure 9: Saudi Arabian Life Insurance - Incurred Loss (SAR Million), 2009-2013
Figure 10: Saudi Arabian Life Insurance - Incurred Loss (SAR Million), 2013-2018
Figure 11: Saudi Arabian Life Insurance - Loss Ratio (%), 2009-2013
Figure 12: Saudi Arabian Life Insurance - Loss Ratio (%), 2013-2018
Figure 13: Saudi Arabian Life Insurance - Commissions and Expenses (SAR Million), 2009-2013
Figure 14: Saudi Arabian Life Insurance - Commissions and Expenses (SAR Million), 2013-2018
Figure 15: Saudi Arabian Life Insurance - Combined Ratio (%), 2009-2013
Figure 16: Saudi Arabian Life Insurance - Combined Ratio (%), 2013-2018
Figure 17: Saudi Arabian Life Insurance - Total Assets (SAR Billion), 2009-2013
Figure 18: Saudi Arabian Life Insurance - Total Assets (SAR Billion), 2013-2018
Figure 19: Saudi Arabian Life Insurance - Total Investment Income (SAR Million), 2009-2013
Figure 20: Saudi Arabian Life Insurance - Total Investment Income (SAR Million), 2013-2018
Figure 21: Saudi Arabian Life Insurance - Retentions (SAR Million), 2009-2013
Figure 22: Saudi Arabian Life Insurance - Retentions (SAR Million), 2013-2018
Figure 23: Saudi Arabian Life Insurance - Investment Portfolio (SAR Billion), 2009-2013
Figure 24: Saudi Arabian Life Insurance - Investment Portfolio, 2009 and 2013
Figure 25: Saudi Arabian Life Insurance - Penetration (%), 2009-2013
Figure 26: Saudi Arabian Life Insurance - Premium Per Capita (SAR), 2009-2013
Figure 27: Saudi Arabian Non-Linked Insurance Business - Gross Written Premium (SAR Billion), 2009-2013
Figure 28: Saudi Arabian Non-Linked Insurance Business - Gross Written Premium (SAR Billion), 2013-2018
Figure 29: Saudi Arabian Non-Linked Insurance Business - Direct Written Premium (SAR Billion), 2009-2013
Figure 30: Saudi Arabian Non-Linked Insurance Business - Direct Written Premium (SAR Billion), 2013-2018
Figure 31: Saudi Arabian Life Insurance - Commission Paid by Distribution Channel (Percentage Share), 2013 and 2018
Figure 32: Saudi Arabian Life Insurance - Direct Marketing Commission Paid (SAR Million), 2009-2013
Figure 33: Saudi Arabian Life Insurance - Direct Marketing Commission Paid (SAR Million), 2013-2018
Figure 34: Saudi Arabian Life Insurance - Bancassurance Commission Paid (SAR Million), 2009-2013
Figure 35: Saudi Arabian Life Insurance - Bancassurance Commission Paid (SAR Million), 2013-2018
Figure 36: Saudi Arabian Life Insurance - Commission Paid to Agencies (SAR Million), 2009-2013
Figure 37: Saudi Arabian Life Insurance - Commission Paid to Agencies (SAR Million), 2013-2018
Figure 38: Saudi Arabian Life Insurance - Commission Paid to Brokers (SAR Million), 2009-2013
Figure 39: Saudi Arabian Life Insurance - Commission Paid to Brokers (SAR Million), 2013-2018
Figure 40: Saudi Arabia - Insurance Regulatory Framework
Figure 41: Saudi Arabia - Insurance Supervision and Control at Various Levels
Figure 42: Saudi Arabia - Insurance Regulatory Frameworks for Company Registration and Operation

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