From The Report: Saudi Arabia 2023
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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.