Saudi Arabia Insurance, Companies & Insurance Quote
The industry of Saudi Arabia insurance has emerged to be the fastest growing industries in the world. The economic crisis has hit globally and the insurance industry has pickled nearly 30 to 35% annual growth.
The health insurance sector grows at fast pace with the increase in the private company numbers and owing to the obligation for foreign pilgrims and foreign nationals to purchase insurance covers. The recent health insurance is ideal for private employees, regardless of the company size as it helps in boosting the country.
The insurance sector, estimated in 2009 $7.4 billion and to reach in 2015 $15 billion as per industry experts. Insurance in Saudi Arabia shows a premium growth and in 2008, it witnessed a good growth with gross premiums written reaching to SR 10.9 billion and this is showing an increased than SR 8.6 billion in 2007.
The best factor is that it shows a 27% increase in comparison to the 24% in 2007.
The general insurance in Saudi Arabia has revealed substantial growth despite the financial crisis that has severely hit. Moreover, it is expected to show a growth of over 24% between 2010 and 2012 and this is due to the rising motor as well as energy insurance.
Aviation and property insurance is expected to rise owing to the fast growing general insurance segments. The motor insurance in Saudi Arabia is also projected to expect growth of 30% in 2010 and 2012.
The survey report of the Saudi Insurance Market for 2005-2006 of SAMA states that there were 42 insurance providers in Saudi Arabia operating in 2006. The insurance industry is facing a transition phase and the existing companies are operating under the grace period.
Insurance companies as well as other insurance providers in Saudi Arabia are expected to obtain license from SAMA so that they operate conveniently. However, SAMA has received 42 applications regarding insurance in Saudi Arabia and also for reinsurance licenses.
The companies offering insurance in Saudi Arabia are ACE Arabia Cooperative Insurance, BUPA Arabia, Gulf General Cooperative Insurance Company, Trade Union Cooperative Insurance Company, Amana for Cooperative Insurance Company, Allianz Saudi Fransi Cooperative Insurance Company, AXA Cooperative Insurance Company, Arabia Insurance Cooperative Company, and many more.