A new research report by RNCOS titled, “Saudi Arabia Insurance Market to 2012”, favorable government initiatives and increasing credibility factor among the population is fuelling the health insurance market, which is anticipated to grow at a CAGR of more than 32% to an amount of around SAR 18.3 Billion, during 2010-2012. The Saudi Arabian health insurance industry has emerged as one of the fastest growing insurance industries across the world.
Health insurance is the fastest growing segment in the Saudi Arabia’s insurance market accounting for around 50% of the overall insurance market by the end of 2009. The health insurance sector is expected to grow at a rapid pace on the back of increasing involvement of private companies and the obligation of foreign nationals and foreign pilgrims to purchase the insurance coverage. The health Insurance market is anticipated to witness a sudden boom owing to the recent introduction of compulsory health insurance for private employees irrespective of their company size.
In this report, it is also analyzed that low penetration and low density of insurance among the population will provide an ample opportunity for the growth of a niche market in the Kingdom. Export credit insurance, bancasurance, takaful insurance, and pension fund system are also significant factors boosting the potential growth areas of the industry.
Our report, “Saudi Arabia Insurance Market to 2012”, is an outcome of extensive research and detailed study of the insurance sector in Saudi Arabia. It discusses each of the insurance products in detail. Most importantly, it helps clients to achieve a gainful insight of the sector in the coming years. The report also analyzes the pattern of macroeconomic variables and their impact on the insurance sector. It also discusses the emerging industry trends which will decide the insurance sector future in the country.
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