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According to GlobalData, the Saudi non-life insurance market turnover is expected to reach 54.6 billion SAR (14.5 billion USD) in 2026 against 40.3 billion SAR (10.7 billion USD) in 2021. The average annual growth rate is estimated at 6.2%.
All local insurers are projected to record a 5.6% increase in non-life premiums in 2022 and 5.7% in 2023, against 7.5% in 2021.
The sector's growth will depend on the development of the personal accident and health (PA&H) and motor classes of business, with market shares estimated at 62.5% and 19.6% respectively in 2022.