S&P: Saudi Insurance market forecasts 2022

According to Standard and Poor's (S&P), the turnover of the Saudi insurance market is expected to grow by 5 to 10 % in 2022.

These forecasts are driven by the increasing oil prices and the introduction of new insurance coverages. Yet, the motor class of business would remain under pressure due to greater competition and lower rates.

Still, according to the rating agency, higher minimum capital requirements would help to speed M&A transactions in the Kingdom.