Insurance industry market size forecast in Saudi Arabia 2023-2028 by segment

The non-life insurance segment of the Saudi insurance industry is expected to grow to around 18.3 billion U.S. dollars by 2028. In comparison, the life insurance segment was projected to remain stable at 0.6 billion U.S. dollars.

Gross written premiums of insurance market

The gross written premium (GWP) value of the Saudi Arabia insurance market was estimated to be approximately 9.8 billion U.S. dollars. The value of GWP for the entire Gulf Cooperation Council region was 30 billion U.S. dollars. The value of the Saudi life insurance sector was approximately 225 million U.S. dollars in 2013, and it was projected to grow to approximately 384.15 million U.S. dollars in 2025.

Asset value of insurance companies in MENA

Ergo Sigorta A.S. in Turkey was the largest insurance firm in the Middle East and North Africa (MENA) region in 2020, followed by Harel insurance investments and financial services and Migdal holdings. The region's insurance firms were evenly distributed among Turkey, Israel, South Africa, and Morocco. From 2009 to 2021, the total assets of Saudi insurance companies increased year on year, with the exception of 2018, when they decreased slightly. The assets of Saudi insurance companies increased by approximately 600 million U.S. dollars in 2021 compared to the previous year. Overall, the value of Saudi insurance companies' assets has increased by approximately 12 billion U.S. dollars since 2009.