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Saudi Arabia Life Insurance Market to 2027

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    Report

  • 39 Pages
  • November 2023
  • Region: Saudi Arabia
  • MarketLine
  • ID: 5928083
Description Jump to:
Life Insurance in Saudi Arabia industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2017-22, and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Key Highlights

  • The market is segmented into Life Insurance and Pension/Annuity.
  • The Saudi Arabian life insurance market had total gross written premiums of $0.5 billion in 2022, representing a compound annual growth rate (CAGR) of 10.5% between 2017 and 2022.
  • The life insurance segment accounted for the market's largest proportion in 2022, with total gross written premiums of $0.4 billion, equivalent to 84.9% of the market's overall value.
  • Life insurance coverage in the Saudi Arabian population is low. According to in-house research, in 2022, life insurance penetration (ratio of premiums to GDP) in Saudi Arabia was 0.1%.

Scope

  • Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the life insurance market in Saudi Arabia
  • Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance market in Saudi Arabia
  • Leading company profiles reveal details of key life insurance market players’ global operations and financial performance
  • Add weight to presentations and pitches by understanding the future growth prospects of the Saudi Arabia life insurance market with five year forecasts by both value and volume

Reasons to Buy

  • What was the size of the Saudi Arabia life insurance market by value in 2022?
  • What will be the size of the Saudi Arabia life insurance market in 2027?
  • What factors are affecting the strength of competition in the Saudi Arabia life insurance market?
  • How has the market performed over the last five years?
  • Who are the top competitors in Saudi Arabia's life insurance market?

Table of Contents

1 Executive Summary
1.1. Market value
1.2. Market value forecast
1.3. Category segmentation
1.4. Geography segmentation
1.5. Market share
1.6. Market rivalry
1.7. Competitive landscape
2 Market Overview
2.1. Market definition
2.2. Market analysis
3 Market Data
3.1. Market value
4 Market Segmentation
4.1. Category segmentation
4.2. Geography segmentation
5 Market Outlook
5.1. Market value forecast
6 Five Forces Analysis
6.1. Summary
6.2. Buyer power
6.3. Supplier power
6.4. New entrants
6.5. Threat of substitutes
6.6. Degree of rivalry
7 Competitive Landscape
7.1. Market share
7.2. Who are the leading players?
7.3. What strategies do the leading players follow?
7.4. What are the strengths of the leading players?
8 Company Profiles
8.1. Aljazira Takaful Ta’wuni Company
8.2. SABB Takaful Company
8.3. Walaa Cooperative Insurance Co
9 Macroeconomic Indicators
9.1. Country data
10 Appendix
10.1. Methodology
10.2. Industry associations
10.3. Related research
10.4. About the Publisher
List of Tables
Table 1: Saudi Arabia life insurance market value: $ billion, 2017-22
Table 2: Saudi Arabia life insurance market category segmentation: % share, by value, 2017-2022
Table 3: Saudi Arabia life insurance market category segmentation: $ billion, 2017-2022
Table 4: Saudi Arabia life insurance market geography segmentation: $ billion, 2022
Table 5: Saudi Arabia life insurance market value forecast: $ billion, 2022-27
Table 6: Saudi Arabia life insurance market share: % share, by value, 2022
Table 7: Aljazira Takaful Ta’wuni Company: key facts
Table 8: Aljazira Takaful Ta’wuni Company: Annual Financial Ratios
Table 9: SABB Takaful Company: key facts
Table 10: SABB Takaful Company: Key Employees
Table 11: Walaa Cooperative Insurance Co: key facts
Table 12: Walaa Cooperative Insurance Co: Annual Financial Ratios
Table 13: Walaa Cooperative Insurance Co: Key Employees
Table 14: Saudi Arabia size of population (million), 2018-22
Table 15: Saudi Arabia gdp (constant 2005 prices, $ billion), 2018-22
Table 16: Saudi Arabia gdp (current prices, $ billion), 2018-22
Table 17: Saudi Arabia inflation, 2018-22
Table 18: Saudi Arabia consumer price index (absolute), 2018-22
Table 19: Saudi Arabia exchange rate, 2018-22
List of Figures
Figure 1: Saudi Arabia life insurance market value: $ billion, 2017-22
Figure 2: Saudi Arabia life insurance market category segmentation: $ billion, 2017-2022
Figure 3: Saudi Arabia life insurance market geography segmentation: % share, by value, 2022
Figure 4: Saudi Arabia life insurance market value forecast: $ billion, 2022-27
Figure 5: Forces driving competition in the life insurance market in Saudi Arabia, 2022
Figure 6: Drivers of buyer power in the life insurance market in Saudi Arabia, 2022
Figure 7: Drivers of supplier power in the life insurance market in Saudi Arabia, 2022
Figure 8: Factors influencing the likelihood of new entrants in the life insurance market in Saudi Arabia, 2022
Figure 9: Factors influencing the threat of substitutes in the life insurance market in Saudi Arabia, 2022
Figure 10: Drivers of degree of rivalry in the life insurance market in Saudi Arabia, 2022
Figure 11: Saudi Arabia life insurance market share: % share, by value, 2022

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Aljazira Takaful Ta’wuni Company
  • SABB Takaful Company
  • Walaa Cooperative Insurance Co

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About the Life Insurance Market

The Life Insurance market is a sector of the insurance industry that provides financial protection against the loss of life. It is designed to provide financial security to the policyholder's family or other designated beneficiaries in the event of the policyholder's death. Life insurance policies typically pay out a lump sum or a series of payments to the beneficiaries upon the policyholder's death. Life insurance policies can be tailored to meet the individual needs of the policyholder, such as providing coverage for funeral expenses, medical bills, or other debts. They can also be used to provide financial security for the policyholder's family in the event of their death. Some of the major companies in the Life Insurance market include Allianz, AXA, Prudential, MetLife, and AIG. Show Less Read more

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