Insurance

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.