Life Insurance & Pension in Saudi Arabia
Summary
Life Insurance & Pension in Saudi Arabia industry profile provides top-line qualitative and quantitative summary information including: market size (value and volume 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- Life insurance & pension is the financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household.
- The Saudi Arabian life insurance & pension market recorded gross written premiums of $0.7 billion in 2023, representing a compound annual growth rate (CAGR) of 18.4% between 2018 and 2023.
- The life insurance segment accounted for the market's largest proportion in 2023, with total gross written premiums of $0.6 billion, equivalent to 85.1% of the market's overall value.
- The growth in the Saudi Arabian life insurance & pension market is driven by the increasing population of individuals aged 65 and above. This demographic shift fuels demand for retirement savings plans and income protection policies as people seek financial security for their post-retirement years. According to the United States Census Bureau, the population of individuals aged 65 and above in Saudi Arabia stood at 1.3 million in 2023, an increase of 7.1% from the previous year.
- Save time carrying out entry-level research by identifying the size, growth, and leading players in the life insurance & pension market in Saudi Arabia
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance & pension market in Saudi Arabia
- Leading company profiles reveal details of key life insurance & pension market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Saudi Arabia life insurance & pension market with five year forecasts by both value and volume
- What was the size of the Saudi Arabia life insurance & pension market by value in 2023?
- What will be the size of the Saudi Arabia life insurance & pension market in 2028?
- What factors are affecting the strength of competition in the Saudi Arabia life insurance & pension market?
- How has the market performed over the last five years?
- How large is Saudi Arabia’s life insurance & pension market in relation to its regional counterparts?
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market share
- 1.6. Market rivalry
- 1.7. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 4 Market Segmentation
- 4.1. Category segmentation
- 4.2. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Market share
- 7.2. Who are the leading players?
- 7.3. What are the strengths and strategies of the leading players?
- 7.4. What are the recent developments in the market?
- 8 Company Profiles
- 8.1. Al-Rajhi Company for Cooperative Insurance
- 8.2. Arabian Shield Cooperative Insurance Co
- 8.3. Walaa Cooperative Insurance Co
- 8.4. Aljazira Takaful Taawuni Co
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. Industry associations
- 10.3. Related MarketLine research
- 10.4. About MarketLine
- List of Tables
- Table 1: Saudi Arabia life insurance & pension market value: $ billion, 2018-23
- Table 2: Saudi Arabia life insurance & pension market category segmentation: % share, by value, 2018-23
- Table 3: Saudi Arabia life insurance & pension market category segmentation: $ billion, 2018-23
- Table 4: Saudi Arabia life insurance & pension market geography segmentation: $ billion, 2023
- Table 5: Saudi Arabia life insurance & pension market value forecast: $ billion, 2023-28
- Table 6: Saudi Arabia life insurance & pension market share: % share, by value, 2023
- Table 7: Al-Rajhi Company for Cooperative Insurance: Key Facts
- Table 8: Al-Rajhi Company for Cooperative Insurance: Annual Financial Ratios
- Table 9: Al-Rajhi Company for Cooperative Insurance: Key Employees
- Table 10: Arabian Shield Cooperative Insurance Co: Key Facts
- Table 11: Arabian Shield Cooperative Insurance Co: Annual Financial Ratios
- Table 12: Arabian Shield Cooperative Insurance Co: Key Employees
- Table 13: Walaa Cooperative Insurance Co: Key Facts
- Table 14: Walaa Cooperative Insurance Co: Annual Financial Ratios
- Table 15: Walaa Cooperative Insurance Co: Key Employees
- Table 16: Aljazira Takaful Taawuni Co: Key Facts
- Table 17: Saudi Arabia Size of Population (million), 2019-23
- Table 18: Saudi Arabia Real GDP (Constant 2010 Prices, $ Billion), 2019-23
- Table 19: Saudi Arabia GDP (Current Prices, $ Billion), 2019-23
- Table 20: Saudi Arabia Inflation, 2019-23
- Table 21: Saudi Arabia Consumer Price Index (Absolute), 2019-23
- Table 22: Saudi Arabia Exchange Rate, 2018-23
- List of Figures
- Figure 1: Saudi Arabia life insurance & pension market value: $ billion, 2018-23
- Figure 2: Saudi Arabia life insurance & pension market category segmentation: $ billion, 2018-23
- Figure 3: Saudi Arabia life insurance & pension market geography segmentation: % share, by value, 2023
- Figure 4: Saudi Arabia life insurance & pension market value forecast: $ billion, 2023-28
- Figure 5: Forces driving competition in the life insurance & pension market in Saudi Arabia, 2023
- Figure 6: Drivers of buyer power in the life insurance & pension market in Saudi Arabia, 2023
- Figure 7: Drivers of supplier power in the life insurance & pension market in Saudi Arabia, 2023
- Figure 8: Factors influencing the likelihood of new entrants in the life insurance & pension market in Saudi Arabia, 2023
- Figure 9: Factors influencing the threat of substitutes in the life insurance & pension market in Saudi Arabia, 2023
- Figure 10: Drivers of degree of rivalry in the life insurance & pension market in Saudi Arabia, 2023
- Figure 11: Saudi Arabia life insurance & pension market share: % share, by value, 2023
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