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.
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.
Projected market size of the insurance industry in Saudi Arabia from 2023 to 2028, by segment
(in billion U.S. dollars)
Characteristic
Non-life insurance
Life insurance
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Alpen Capital. (January 31, 2024). Projected market size of the insurance industry in Saudi Arabia from 2023 to 2028, by segment (in billion U.S. dollars) [Graph]. In Statista. Retrieved September 01, 2024, from https://www.statista.com/statistics/793464/saudi-arabia-insurance-industry-market-size-forecast-by-segment/
Alpen Capital. "Projected market size of the insurance industry in Saudi Arabia from 2023 to 2028, by segment (in billion U.S. dollars)." Chart. January 31, 2024. Statista. Accessed September 01, 2024. https://www.statista.com/statistics/793464/saudi-arabia-insurance-industry-market-size-forecast-by-segment/
Alpen Capital. (2024). Projected market size of the insurance industry in Saudi Arabia from 2023 to 2028, by segment (in billion U.S. dollars). Statista. Statista Inc.. Accessed: September 01, 2024. https://www.statista.com/statistics/793464/saudi-arabia-insurance-industry-market-size-forecast-by-segment/
Alpen Capital. "Projected Market Size of The Insurance Industry in Saudi Arabia from 2023 to 2028, by Segment (in Billion U.S. Dollars)." Statista, Statista Inc., 31 Jan 2024, https://www.statista.com/statistics/793464/saudi-arabia-insurance-industry-market-size-forecast-by-segment/
Alpen Capital, Projected market size of the insurance industry in Saudi Arabia from 2023 to 2028, by segment (in billion U.S. dollars) Statista, https://www.statista.com/statistics/793464/saudi-arabia-insurance-industry-market-size-forecast-by-segment/ (last visited September 01, 2024)
Projected market size of the insurance industry in Saudi Arabia from 2023 to 2028, by segment (in billion U.S. dollars) [Graph], Alpen Capital, January 31, 2024. [Online]. Available: https://www.statista.com/statistics/793464/saudi-arabia-insurance-industry-market-size-forecast-by-segment/