Saudi Arabia Life Insurance Market Summary, Competitive Analysis and Forecast to 2027
Summary
Life Insurance in Saudi Arabia industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2017-22, and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- The value of the life insurance market is shown in terms of gross premium incomes from mortality protection and retirement savings plans.
- The Saudi Arabian life insurance market had total gross written premiums of $0.5 billion in 2022, representing a compound annual growth rate (CAGR) of 11.4% between 2017 and 2022.
- The life insurance segment accounted for the market's largest proportion in 2022, with total gross written premiums of $0.3 billion, equivalent to 65.3% of the market's overall value.
- A positive macroeconomic environment that kept consumer confidence high, along with increasing disposable incomes and rising concern for life and health among individuals, especially after the pandemic, stimulated demand for life insurance.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the life insurance market in Saudi Arabia
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance market in Saudi Arabia
- Leading company profiles reveal details of key life insurance 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 market with five year forecasts by both value and volume
- What was the size of the Saudi Arabia life insurance market by value in 2022?
- What will be the size of the Saudi Arabia life insurance market in 2027?
- What factors are affecting the strength of competition in the Saudi Arabia life insurance market?
- How has the market performed over the last five years?
- Who are the top competitiors in Saudi Arabia's life insurance market?
- 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 strategies do leading players follow?
- 7.4. What are the strengths of leaders?
- 7.5. What has been the rationale behind recent M&A activity?
- 8 Company Profiles
- 8.1. Aljazira Takaful Ta’wuni Company
- 8.2. Al Rajhi Banking & Investment Corp
- 8.3. SABB Takaful Company
- 8.4. Walaa Cooperative Insurance 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 market value: $ billion, 2017-22
- Table 2: Saudi Arabia life insurance market category segmentation: % share, by value, 2017–2022
- Table 3: Saudi Arabia life insurance market category segmentation: $ billion, 2017-2022
- Table 4: Saudi Arabia life insurance market geography segmentation: $ billion, 2022
- Table 5: Saudi Arabia life insurance market value forecast: $ billion, 2022-27
- Table 6: Saudi Arabia life insurance market share: % share, by value, 2022
- Table 7: Aljazira Takaful Ta’wuni Company: key facts
- Table 8: Aljazira Takaful Ta’wuni Company: Annual Financial Ratios
- Table 9: Al Rajhi Banking & Investment Corp: key facts
- Table 10: Al Rajhi Banking & Investment Corp: Annual Financial Ratios
- Table 11: Al Rajhi Banking & Investment Corp: Key Employees
- Table 12: SABB Takaful Company: key facts
- Table 13: SABB Takaful Company: Key Employees
- Table 14: Walaa Cooperative Insurance Co: key facts
- Table 15: Walaa Cooperative Insurance Co: Annual Financial Ratios
- Table 16: Walaa Cooperative Insurance Co: Key Employees
- Table 17: Saudi Arabia size of population (million), 2018–22
- Table 18: Saudi Arabia gdp (constant 2005 prices, $ billion), 2018–22
- Table 19: Saudi Arabia gdp (current prices, $ billion), 2018–22
- Table 20: Saudi Arabia inflation, 2018–22
- Table 21: Saudi Arabia consumer price index (absolute), 2018–22
- Table 22: Saudi Arabia exchange rate, 2017–21
- List of Figures
- Figure 1: Saudi Arabia life insurance market value: $ billion, 2017-22
- Figure 2: Saudi Arabia life insurance market category segmentation: $ billion, 2017-2022
- Figure 3: Saudi Arabia life insurance market geography segmentation: % share, by value, 2022
- Figure 4: Saudi Arabia life insurance market value forecast: $ billion, 2022-27
- Figure 5: Forces driving competition in the life insurance market in Saudi Arabia, 2022
- Figure 6: Drivers of buyer power in the life insurance market in Saudi Arabia, 2022
- Figure 7: Drivers of supplier power in the life insurance market in Saudi Arabia, 2022
- Figure 8: Factors influencing the likelihood of new entrants in the life insurance market in Saudi Arabia, 2022
- Figure 9: Factors influencing the threat of substitutes in the life insurance market in Saudi Arabia, 2022
- Figure 10: Drivers of degree of rivalry in the life insurance market in Saudi Arabia, 2022
- Figure 11: Saudi Arabia life insurance market share: % share, by value, 2022
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