Report Overview

Saudi Arabia Property and Casualty Insurance Market – Industry Trends & Forecast Report, 2031

Saudi Arabia Property and Casualty Insurance Market size was estimated at USD 5.78 billion in 2024. During the forecast period between 2025 and 2031, Saudi Arabia Property and Casualty Insurance Market size is projected to grow at a CAGR of 4.23% reaching a value of USD 7.73 billion by 2031. The Property and Casualty Insurance Market in Saudi Arabia is booming, due to the growing population, economic expansion, and greater awareness about the need for coverage. As the Kingdom diversifies beyond oil, more businesses and individuals seek protection against risks like accidents, natural disasters, and property damage. For example, with Vision 2030 driving real estate development, demand for property insurance is soaring as companies safeguard their investments. Additionally, as more people buy cars, motor insurance is becoming essential. This rising awareness and economic shift are fueling steady growth in the insurance sector, making it a key player in Saudi Arabia’s financial landscape.

Property and Casualty Insurance – Overview

Property and casualty (P&C) insurance aims to protect individuals and businesses from financial losses due to property damage or legal liabilities. It includes coverage for homes, vehicles, businesses, and other assets, shielding against risks like fires, theft, accidents, and natural disasters. P&C insurance ensures financial security by covering repair costs, replacements, or legal expenses. With Saudi Arabia’s growing economy and infrastructure, P&C insurance plays a vital role in risk management, helping businesses stay resilient and individuals safeguard their assets. Whether for car accidents or property damage, P&C insurance provides peace of mind in an unpredictable world.

Saudi Arabia Property and Casualty Insurance Market

Growth Drivers

Rising Awareness about Benefits of Insurance Coverage

In Saudi Arabia, growing awareness of the importance of property and casualty insurance is driving market expansion. Government initiatives, such as Vision 2030, promote financial literacy and risk management, encouraging businesses and individuals to secure coverage. Increasing occurrences of natural disasters and accidents have also heightened the need for protection. Moreover, regulatory reforms mandating insurance for properties and vehicles further boost adoption. As more consumers recognize the benefits of safeguarding assets, insurers are witnessing higher demand, making awareness a key growth driver in Saudi Arabian Property and Casualty Insurance Market.

Challenges

High Barriers to Entry

Entering Saudi Arabia’s Property and Casualty Insurance Market is challenging due to strict regulations, high capital requirements, and intense competition from established local players. The Saudi Central Bank (SAMA) enforces stringent licensing procedures, making it difficult for new insurers to gain approval. Additionally, the market favors well-capitalized firms with strong reinsurance partnerships, limiting opportunities for smaller entrants. Cultural and economic factors, such as consumer trust in established brands and preference for Sharia-compliant products, further restrict new players. These high entry barriers ensure market stability but reduce competition, affecting pricing and innovation in the sector.

Impact of Escalating Geopolitical Tensions on Saudi Arabia Property and Casualty Insurance Market

Intensifying geopolitical tensions among countries across the Middle East could adversely affect Saudi Arabia Property and Casualty (P&C) Insurance Market. Rising regional conflicts and economic uncertainties lead to increased underwriting risks, prompting insurers to raise premiums. For instance, heightened risks of infrastructure damage due to instability push commercial property insurance costs higher. Additionally, supply chain disruptions from political instability can increase claims in transport and logistics insurance. A construction firm operating near sensitive borders may face project delays, leading to higher business interruption claims. As tensions persist, insurers may also reassess coverage limits, affecting businesses' ability to secure adequate protection for their assets.

Saudi Arabia Property and Casualty Insurance Market

Segmental Coverage

Saudi Arabia Property and Casualty Insurance Market – By Insurance Type

Based on insurance type, Saudi Arabia Property and Casualty Insurance Market is divided into Motor Insurance, Property & Fire Insurance, Marine Insurance, Aviation Insurance, Energy Insurance, Engineering Insurance, Accident & Liability Insurance, and other insurance types segments. The motor insurance segment stands out as the largest insurance type Saudi Arabia Property and Casualty Insurance Market. This growth is fueled by increasing vehicle sales, which rose by 3% to 660,000 units in 2024, up from 641,000 in 2023. Additionally, the Kingdom's emergence as a leader in the electric vehicle market further bolsters this segment. Favorable regulatory developments, such as the Saudi Central Bank's implementation of a comprehensive motor insurance policy in November 2024, have broadened coverage to include relatives, private drivers, and sponsors of the insured, contributing to the segment's expansion.

Saudi Arabia Property and Casualty Insurance Market – By Distribution Channel

Saudi Arabia Property and Casualty Insurance Market by distribution channel  is divided into Insurance Agency, Bancassurance, Brokers, Direct Sales, and other distribution channels segments. The segment of direct sales by insurance companies leads Saudi Arabia's Property and Casualty Insurance Market. This approach offers customers the convenience of purchasing policies directly from insurers, eliminating intermediaries. However, the landscape is shifting as brokers gain traction. This trend indicates a growing consumer appreciation for personalized advice and tailored insurance solutions that brokers provide. Meanwhile, insurance agencies hold a smaller market share.

Saudi Arabia Property and Casualty Insurance Market – By End User

On the basis of end user, Saudi Arabia Property and Casualty Insurance Market is divided into Individuals, Small and Medium-sized Enterprises (SMEs), Large Enterprises, and Government segments. The individuals segment is the largest end user in Saudi Arabia Property and Casualty Insurance Market. Individuals include personal insurance policies such as motor, home, and personal liability insurance. The high demand for these types of insurance is driven by the increasing population and rising awareness of insurance coverage among individuals. This segment's dominance is also attributed to the mandatory nature of certain insurances, like motor insurance for vehicle owners.

Competitive Landscape

Major companies operating in Saudi Arabia Property and Casualty Insurance Market include The Company For Cooperative Insurance (Tawuniya), Malath Cooperative Insurance Co, MEDGULF, Salama Cooperative Insurance Co., Arabian Shield Cooperative Insurance Company, Bupa Arabia, Alliance Insurance Company, Al Rajhi Cooperative Insurance, and SABB Takaful. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Insurance Type

• Insurance Type

• Motor Insurance

• Property & Fire Insurance

• Marine Insurance

• Aviation Insurance

• Energy Insurance

• Engineering Insurance

• Accident & Liability Insurance

• Others

By Distribution Channel

• Insurance Agency

• Bancassurance

• Brokers

• Direct Sales

• Others

By End User        

• Individuals

• Small and Medium-sized Enterprises (SMEs)

• Large Enterprises

• Government

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Saudi Arabia Property and Casualty Insurance Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Focus on economic diversification
         2. Rising awareness about insurance coverage
      2. Restraints
         1. High barriers to entry
         2. Strict regulatory environment
         3. Intensely competitive market
      3. Opportunities
         1. Infrastructure development projects
         2. Digital transformation in insurance services
      4. Challenges
         1. Economic and geopolitical risks
         2. Low earnings volatility from investments
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Saudi Arabia Property and Casualty Insurance Market: Marketing Strategies
5. Saudi Arabia Property and Casualty Insurance Market: Pricing Analysis
6. Saudi Arabia Property and Casualty Insurance Market Overview
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Insurance Type
         1. Insurance Type
         2. Motor Insurance
         3. Property & Fire Insurance
         4. Marine Insurance
         5. Aviation Insurance
         6. Energy Insurance
         7. Engineering Insurance
         8. Accident & Liability Insurance
         9. Others
      2. By Distribution Channel
         1. Insurance Agency
         2. Bancassurance
         3. Brokers
         4. Direct Sales
         5. Others
      3. By End User        
         1. Individuals
         2. Small and Medium-sized Enterprises (SMEs)
         3. Large Enterprises
         4. Government
7. Competitive Landscape
   1. List of Key Players and Their End Users
   2. Saudi Arabia Property and Casualty Insurance Company Market Share Analysis, 2024
   3. Competitive Benchmarking, By Oping Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
8. Impact of Escalating Geopolitical Tensions on Saudi Arabia Property and Casualty Insurance Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. The Company For Cooperative Insurance (Tawuniya)
   2. Malath Cooperative Insurance Co
   3. MEDGULF
   4. Salama Cooperative Insurance Co.
   5. Arabian Shield Cooperative Insurance Company
   6. Bupa Arabia
   7. Alliance Insurance Company
   8. Al Rajhi Cooperative Insurance
   9. SABB Takaful
   10. Other Prominent Players
10. Key Strategic Recommendations
11. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents
    5. Assumption & Limitation

*Financial information of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1   Saudi Arabia Property and Casualty Insurance Market Segmentation

Figure 2   Saudi Arabia Property and Casualty Insurance Market Value Chain Analysis

Figure 3   Company Market Share Analysis, 2024

Figure 4   Saudi Arabia Property and Casualty Insurance Market Size, By Value (USD Billion), 2019–2031

Figure 5   Saudi Arabia Property and Casualty Insurance Market Share, By Insurance Type, By Value (USD Billion) 2019–2031

Figure 6   Saudi Arabia Property and Casualty Insurance Market Share, By Distribution Channel, By Value (USD Billion) 2019–2031

Figure 7   Saudi Arabia Property and Casualty Insurance Market Share, By End User, By Value (USD Billion) 2019–2031

List of Tables

Table 1       Saudi Arabia Property and Casualty Insurance Market Size, By Value (USD Billion), 2019–2031

Table 2       Saudi Arabia Property and Casualty Insurance Market Share, By Insurance Type, By Value (USD Billion) 2019–2031

Table 3       Saudi Arabia Property and Casualty Insurance Market Share, By Distribution Channel, By Value (USD Billion) 2019–2031

Table 4       Saudi Arabia Property and Casualty Insurance Market Share, By End User, By Value (USD Billion) 2019–2031

Table 5       The Company For Cooperative Insurance (Tawuniya) Company Overview

Table 6         The Company For Cooperative Insurance (Tawuniya) Financial Overview

Table 7         Malath Cooperative Insurance Co. Company Overview

Table 8         Malath Cooperative Insurance Co. Financial Overview

Table 9         MEDGULF Company Overview

Table 10       MEDGULF Financial Overview

Table 11       Salama Cooperative Insurance Co. Company Overview

Table 12       Salama Cooperative Insurance Co. Financial Overview

Table 13       Arabian Shield Cooperative Insurance Company Overview

Table 14       Arabian Shield Cooperative Insurance Company Financial Overview

Table 15       Bupa Arabia Company Overview

Table 16       Bupa Arabia Financial Overview

Table 17       Alliance Insurance Company: Company Overview

Table 18       Alliance Insurance Company Financial Overview

Table 19       Al Rajhi Cooperative Insurance Company Overview

Table 20       Al Rajhi Cooperative Insurance Financial Overview

Table 21       SABB Takaful Company Overview

Table 22       SABB Takaful Financial Overview