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

Publisher Name :
Date: 13-Nov-2017
No. of pages: 88
Inquire Before Buying

Synopsis

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

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, 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, 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 'Life Insurance in Saudi Arabia Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Saudi Arabian life insurance segment, including:

• An overview of the Saudi Arabian life insurance segment

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

• A comprehensive overview of the Saudi Arabian economy and demographics

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

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

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

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

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

• 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

• In 2016, the Saudi government introduced and started implementing new provisions in the ‘Saudization' plan under its Vision 2030 program.

• In May 2016, the Saudi Arabian Monetary Authority (SAMA) issued new regulations for the expansion of branches and points of sale for insurance entities, including insurance and reinsurance companies and insurance intermediaries.

• SAMA issued new rules on surplus distribution for insurers and reinsurers, which came into effect from April 2015.

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

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 Assets and investments
5 Distribution Channel Outlook
5.1 Direct Marketing
5.2 Agencies
5.3 Brokers
5.4 Bancassurance
5.5 E-commerce
6 Competitive Landscape
6.1 Company Profiles
6.1.1 The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company - company overview
6.1.2 Axa Cooperative Insurance Company - company overview
6.1.3 Allianz Saudi Fransi Insurance Company - company overview
6.1.4 MetLife AIG ANB Cooperative Insurance Company - company overview
6.1.5 Al Sagr Cooperative Insurance Company - company overview
7 Governance, Risk And Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulation
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
7.4.4 Professional indemnity insurance for insurance intermediaries
7.4.5 Liability insurance for ships with respect to oil pollution
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors
7.5.2 Saudi Arabian Monetary Agency
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 Type 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
8 Databook
8.1 Policies and Premium
8.2 Claims and Expenses
8.3 Assets and Investments
9 Definitions And Methodology
9.1 Definitions
9.2 Methodology
10 About Timetric
10.1 Contact Timetric
10.2 About Timetric
10.3 Timetric's Services
10.4 Disclaimer

List of Tables
Table 1: Saudi Arabia 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 Life Insurance - Gross Written Premium (SAR Million and US$ Million), 2012-2016
Table 5: Saudi Arabia Life Insurance - Penetration (%), 2012-2016
Table 6: Saudi Arabia Life Insurance - Gross Written Premium (SAR Billion and US$ Billion), 2016-2021
Table 7: Saudi Arabia Life Insurance - Penetration (%), 2016-2021
Table 8: Saudi Arabia Life Insurance - Premium per Capita (SAR and US$), 2012-2016
Table 9: Saudi Arabia Life Insurance - Premium per Capita (SAR and US$), 2016-2021
Table 10: Saudi Arabia Life Insurance - Total Assets (SAR Billion and US$ Billion), 2012-2016
Table 11: Saudi Arabia Life Insurance - Total Assets (SAR Billion and US$ Billion), 2016-2021
Table 12: Saudi Arabia Life Insurance - Total Investment Income (SAR Million and US$ Million), 2012-2016
Table 13: Saudi Arabia Life Insurance - Total Investment Income (SAR Million and US$ Million), 2016-2021
Table 14: Saudi Arabia Life Insurance - Investment Portfolio (SAR Billion), 2012-2016
Table 15: Saudi Arabia Life Insurance - Investment Portfolio (SAR Billion), 2016-2021
Table 16: Saudi Arabian Insurance - Industry Shares of Leading Insurers (%), 2016
Table 17: The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company Insurance Company - Key Facts
Table 18: The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company Insurance Company - Key Financials (SAR Million), 2012-2016
Table 19: Axa Cooperative Insurance Company - Key Facts
Table 20: Axa Cooperative Insurance Company - Key Financials (SAR Million), 2012-2016
Table 21: Saudi Arabian Cooperative Insurance Company - Key Facts
Table 22: Saudi Arabian Cooperative Insurance Company - Key Financials (SAR Million), 2012-2016
Table 23: Al-Rajhi Company for Cooperative Insurance Company - Key Facts
Table 24: Al Sagr Cooperative Insurance Company - Key Facts
Table 25: Saudi Arabia - Insurance Regulatory Framework Key Features
Table 26: Saudi Arabia - Life Insurance Regulatory Framework
Table 27: Saudi Arabia - Property Insurance Regulatory Framework
Table 28: Saudi Arabia - Motor Insurance Regulatory Framework
Table 29: Saudi Arabia - Liability Insurance Regulatory Framework
Table 30: Saudi Arabia - Investment Limits for Insurance Companies
Table 31: Saudi Arabia - Corporate Tax Rates for the Financial Year 2016
Table 32: Saudi Arabia Life Insurance - Policies and Premium, 2012-2016
Table 33: Saudi Arabia Life Insurance - Policies and Premium, 2016-2021
Table 34: Saudi Arabia Life Insurance - Claims and Expenses, 2012-2016
Table 35: Saudi Arabia Life Insurance - Claims and Expenses, 2016-2021
Table 36: Saudi Arabia Life Insurance - Assets and Investments, 2012-2016
Table 37: Saudi Arabia Life Insurance - Assets and Investments, 2016-2021
Table 38: Insurance Industry Definitions

List of Figures
Figure 1: Saudi Arabian GDP Composition, 2016
Figure 2: Saudi Arabian Real GDP (SAR Trillion), 2012-2021
Figure 3: Saudi Arabian Current Account Balance as Percentage of GDP (%), 2012-2021
Figure 4: Saudi Arabian Consumer Price Inflation (%), 2012-2021
Figure 5: Saudi Arabian Unemployment Rate, 2012-2021
Figure 6: Saudi Arabian Population by Age Group, 1992-2025
Figure 7: Saudi Arabian Non-Life Insurance Penetration - Regional Comparison (%), 2016
Figure 8: Saudi Arabian Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2016
Figure 9: Saudi Arabia Life Insurance - Gross Written Premium (SAR Billion), 2012-2021
Figure 10: Saudi Arabia Life Insurance - Penetration (%), 2012-2021
Figure 11: Saudi Arabia Life Insurance - Premium per Capita (SAR), 2012-2021
Figure 12: Saudi Arabia Life Insurance - Total Assets (SAR Billion), 2012-2021
Figure 13: Saudi Arabia Life Insurance - Total Investment Income (SAR Billion), 2012-2021
Figure 14: Saudi Arabia Life Insurance - Investment Portfolio (SAR Billion), 2012-2021
Figure 15: Saudi Arabia Life Insurance - Investment Portfolio Dynamics by Category, 2012-2021
Figure 16: Saudi Arabian Insurance - Industry Shares of Leading Insurers (%), 2016
Figure 17: Saudi Arabia - Insurance Supervision and Control at Various Levels
Figure 18: Saudi Arabia - Insurance Regulatory Frameworks for Company Registration and Operation
  • Global Life Insurance Market 2018 by Manufacturers, Countries, Type and Application, Forecast to 2023
    Published: 24-Sep-2018        Price: US 3480 Onwards        Pages: 135
    Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expense......
  • Strategic Market Intelligence: Life Insurance in New Zealand - 2017
    Published: 30-Aug-2018        Price: US 3999 Onwards        Pages: 55
    Strategic Market Intelligence: Life Insurance in New Zealand - 2017 Summary GlobalData's "Strategic Market Intelligence: Life Insurance in New Zealand - 2017", report provides a detailed outlook by product category for the New Zealand life insurance segment, and a comparison of the New Zealand life insurance with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, claims paid, commission......
  • Strategic Market Intelligence: Life Insurance in the US - 2017
    Published: 27-Aug-2018        Price: US 3999 Onwards        Pages: 63
    Strategic Market Intelligence: Life Insurance in the US - 2017 Summary GlobalData's "Strategic Market Intelligence: Life Insurance in the US - 2017", report provides a detailed outlook by product category for the US life insurance segment, and a comparison of the US life insurance with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, claims paid, commissions and expenses, combined rat......
  • Strategic Market Intelligence: Life Insurance in Taiwan - 2017
    Published: 24-Aug-2018        Price: US 3999 Onwards        Pages: 56
    Strategic Market Intelligence: Life Insurance in Taiwan - 2017 Summary GlobalData's "Strategic Market Intelligence: Life Insurance in Taiwan - 2017", report provides a detailed outlook by product category for the Taiwanese life insurance segment, and a comparison of the Taiwanese life insurance with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, claims paid, commissions and expenses......
  • Global Life Insurance Market Size, Status and Forecast 2018-2025
    Published: 16-Aug-2018        Price: US 3900 Onwards        Pages: 114
    This report focuses on the global Life Insurance status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Life Insurance development in United States, Europe and China. Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy ......
  • Global and Chinese Life Insurance Industry, 2018 Market Research Report
    Published: 06-Aug-2018        Price: US 3000 Onwards        Pages: 145
    The 'Global and Chinese Life Insurance Industry, 2013-2023 Market Research Report' is a professional and in-depth study on the current state of the global Life Insurance industry with a focus on the Chinese market. The report provides key statistics on the market status of the Life Insurance manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry. Firstly, the report provides a basic overview of the industry including its definiti......
  • Global Life Insurance Market Size, Status and Forecast 2025
    Published: 12-Jul-2018        Price: US 3300 Onwards        Pages: 117
    This report studies the global Life Insurance market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the global Life Insurance market by companies, region, type and end-use industry. In 2017, the global Life Insurance market size was million US$ and it is expected to reach million US$ by the end of 2025, with a CAGR of during 2018-2025. This report focuses on the global top players, covered - ......
  • Strategic Market Intelligence: Life Insurance in Israel - 2017
    Published: 31-Mar-2018        Price: US 3999 Onwards        Pages: 60
    Synopsis Timetric's 'Strategic Market Intelligence: Life Insurance in Israel - 2017' report provides in-depth market analysis, information and insights into the Israeli life insurance segment. Summary Timetric's 'Strategic Market Intelligence: Life Insurance in Israel - 2017' report provides a detailed outlook by product category for the Israeli life insurance segment, and a comparison of the Israeli life insurance segment with its regional counterparts. It ......
  • Strategic Market Intelligence: Life Insurance in Poland - 2017
    Published: 31-Mar-2018        Price: US 3999 Onwards        Pages: 68
    Synopsis Timetric's 'Strategic Market Intelligence: Life Insurance in Poland - 2017' report provides in-depth market analysis, information and insights into the Polish life insurance segment. Summary Timetric's 'Strategic Market Intelligence: Life Insurance in Poland - 2017' report provides a detailed outlook by product category for the Polish life insurance segment, and a comparison of the Polish life insurance segment with its regional counterparts. It pro......
  • SERVICES
    Value for Money
    We believe in "optimum utilization of available budget and resources". While servicing our clients' (your) market research requirements, we keep the same approach in focus to help you get the best value for your $$s.
    Ever Growing Inventory
    Ranging from the smallest feasible / required data (datasheets, data facts, SWOT analysis, company profiles, etc) to full research reports that help you make decisions, our inventory is updated almost on a daily basis with the latest industry reports from domain experts that track more than 5000 niche sectors.
    One Stop Solution
    Need a custom research report on medical devices market? Require all available business intelligence on 3D printing industry? Exploring F&B sector of a particular country/region? RnRMarketResearch.com is your one-stop-solution to all market intelligence needs. We not only offer custom research and consulting services, we also "bundle" reports to meet your needs and help you fetch the data analysis you require for your business.
    Dedicated Client Engagement
    Not limited to only "finding" relevant reports for you, our client engagement team dedicates its efforts to understand your "business need" and accordingly maps available research data to help you move forward. Call "your" client engagement executive any time of your day and get your questions answered in order to make the correct business decision.
    Saving Time and Efforts
    Simply share your research requirement details with us and let us do all the hard work to find required intelligence for you. When you add up our "one stop solution" and "dedicated client engagement" services mentioned above, you obviously know the time and effort saving you do by working with us.
    Payment Flexibility
    Working with Fortune 500 organizations, we understand the importance of being flexible for payments. Share your payment terms with us and we will surely match up to them to ensure you get access to required business intelligence data without having to wait for the payment to be done.
    Post-Purchase Research Support
    Have questions after reading a report / datasheet bought through us? Not sure about the methodology used for data available in the research? Talk to us / Share your questions with us and if required, we will connect you with the analyst(s)/author(s) of the report(s) and ensure you get satisfactory answers for the same. Need more data / analysis / report(s) on the topic of your research/project? The RnRMarketResearch.com team is here for you 24X7 to support you with your post-purchase requirements. Subscription Offers & Packages (Get in touch with us for more details - sales@rnrmarketresearch.com / +1 888 391 5441 )
    • Ad Hoc
    • Pay - as - you - go / Bucket Subscriptions
    • Fixed Cost for #of reports
    • Customize / Personalize as per your needs