Insurance
From The Report: Saudi Arabia 2022
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Saudi Arabia’s insurance market, the second largest in the Gulf region by gross written premium after the UAE, offers a vibrant and competitive environment. Growth in recent years has been attributed to economic development creating new insurable assets, and new lines of mandatory coverage. Long-term direction is detailed in the country’s Vision 2030 development plan and targets a growing and maturing sector through consolidation, digitalisation and overall capacity building. Like insurers worldwide who responded to the global Covid-19 pandemic by updating their operations and leveraging insurance technology, many Saudi insurance companies have entered a period of rapid digitalisation and modernisation.

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Overview

Clear vision: By targeting consolidation and digitalisation opportunities, the Kingdom positions itself for a period of modernisation
OBG
plus

Saudi Arabia’s insurance market, the second largest in the Gulf region by gross written premium (GWP) after the UAE, offers a vibrant and competitive environment. Growth in recent years has been attributed to economic development creating new insurable assets, and new lines of mandatory coverage. Long-term direction is detailed in the country’s Vision 2030 development plan and targets a growing and maturing sector through consolidation, digitalisation and overall capacity building. Like insurers…

Analysis

Change ahead: Updates to international accounting standards could pose challenges for emerging markets
OBG
plus

Insurance companies worldwide are preparing for the most significant change in global accounting standards in almost two decades. In January 2023 the International Financial Reporting Standards (IFRS) 17 will come into effect. Replacing the previous standard, IFRS 4, which was issued in 2004, IFRS 17 aims to standardise insurance accounting globally in order to improve comparability and increase transparency by applying an uniform approach. This is expected to help those in the industry better understand…