According to our research report "Saudi Arabia Insurance Market to 2012", the Saudi Arabian insurance industry has emerged as one of the fastest growing insurance industries across the world. The Kingdom’s insurance industry has exhibited tremendous growth during the past few years and is providing lucrative opportunities for both existing as well as new market entrants, specifically motor insurance segment. It is anticipated that the motor insurance industry in the Kingdom will grow at a CAGR of over 33% during 2011-2013.
As per our research, main reasons for the growth of this sector are rapidly growing population in the region and mandatory motor insurance policy of the government. Along with this trend, various other strong fundamental drivers discussed and analyzed in the report will enable this segment to sustain its upward growth trend in the coming years.
Our research indicates that, besides motor insurance, various other segments are showing promising future prospects. Health, property, and fire insurance segments have registered tremendous growth rates during the past and we anticipate that these segments will even significantly grow in the coming years on the back of various promotional strategies deployed by the government.
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