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Amidst the evolving landscape of the insurance industry in Saudi Arabia, the Non-life insurances market is experiencing notable developments.
Customer preferences: Customers in Saudi Arabia are increasingly seeking comprehensive insurance coverage for their assets and properties, driving the demand for non-life insurances. The preference for tailored insurance solutions that provide extensive protection against various risks is on the rise, reflecting a growing awareness of the importance of risk management.
Trends in the market: One prominent trend in the Saudi Arabian non-life insurance market is the increasing adoption of digital channels for purchasing insurance policies. Insurers are leveraging technology to enhance customer experience, streamline processes, and offer innovative products. Additionally, there is a noticeable shift towards sustainable and environmentally friendly insurance products, aligning with global efforts towards sustainability.
Local special circumstances: Saudi Arabia's Vision 2030 initiative, aimed at diversifying the economy and reducing dependency on oil, is influencing the non-life insurance market. As the economy diversifies, there is a corresponding increase in infrastructure development and construction projects, driving the demand for property and engineering insurance. Moreover, regulatory reforms and initiatives to enhance transparency and consumer protection are shaping the market dynamics.
Underlying macroeconomic factors: The macroeconomic landscape in Saudi Arabia, including factors such as GDP growth, inflation rates, and government spending, plays a significant role in shaping the non-life insurance market. As the economy continues to grow and diversify, there is a corresponding increase in insurable assets and risks, providing opportunities for insurers to expand their offerings. Additionally, regulatory reforms and initiatives to enhance transparency and consumer protection are shaping the market dynamics.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)