Insurance
From The Report: Saudi Arabia 2023
View in Online Reader

Saudi Arabia’s insurance market, driven by mandatory health coverage and robust economic growth, emerged as the Gulf’s largest in 2022, with gross written premium of SR53.4bn ($14.2bn). Proactive regulatory measures aim to consolidate the industry, promote international investment and bridge coverage gaps. Vision 2030’s Financial Sector Development Programme sets ambitious targets, helping to drive regulatory reform and promote digitalisation. Compulsory insurance and economic diversification are creating new opportunities for insurers. Meanwhile, the transition away from carbon-intensive industries is paving the way for broader coverage and risk-management strategies. The Saudi insurance sector looks set to expand its reach and contribute to the broader financial space in the coming years.

This chapter contains an interview with Othman AlKassabi, CEO, Tawuniya.

Articles from this Chapter

Overview

Full coverage: A combination of regulatory developments and demographic factors are fuelling penetration growth and innovation
OBG
plus

Fuelled by mandatory health insurance and strong economic growth, the Kingdom emerged as the largest insurance market in the Gulf in 2022, with sector-wide gross written premium (GWP) reaching SR53.4bn ($14.2bn). In addition to headline growth drivers, the country benefitted from heightened risk-management awareness, the emergence of new insurable assets and a more competitive marketplace. Regulators have taken proactive measures to encourage industry consolidation in recent years, aiming to strengthen…

Interview

Evolving patterns: Othman AlKassabi, CEO, Tawuniya, on the importance of digital technologies and the role of a robust regulatory framework
OBG
plus

Interview:Othman AlKassabi What is the projected outlook for the insurance industry in Saudi Arabia? OTHMANALKASSABI: The Saudi insurance industry has emerged as one of the fastest-growing markets in the world. Within this context, digital transformation has gained momentum, yet underscores the need for cybersecurity and data privacy infrastructure to protect sensitive customer information. Moreover, firms will have to bolster their capacity for underwriting and claims handling, while…

Analysis

Safety net: New joint initiatives are catalysing action as the global insurance industry moves to mitigate environmental risk
OBG
plus

With the launch of a new joint initiative to support the countries that are most vulnerable to climate change, the global insurance industry is evolving in ways that could carry important implications for business in emerging markets. One such initiative, the Global Shield against Climate Risks (GSCR) was announced by the ministers of finance of the so-called Vulnerable Twenty Group (V20) and the G7 after the COP27 UN Conference on Climate Change in Sharm El Sheikh Egypt in November 2022. It seeks…