Marine Insurance Gaining Presence in Saudi Arabian Non Life Insurance Market
Marine insurance is projected to grow at a CAGR of around 19.5% during 2010-2012, says RNCOS in its latest research report.
- (1888PressRelease) March 05, 2011 - According to our research report "Saudi Arabia Insurance Market Analysis" non-life insurance sector in Saudi Arabia insurance market is emerging with growing demand for marine, motor, and property insurance. Although motor and property insurance dominate the non-life insurance business in the country, marine insurance is expected to grow in the coming years. To minimize their loss, people are improving their risk aversion capability by taking marine insurance. Moreover, marine insurance is expected to grow at a CAGR of around 19.5% during 2010-2012.
As per our study, protection & savings and health insurance are the growing life insurance segments in the country, with a share of around 50% of the overall insurance market in 2009. The government is promoting health insurance with rise in pressure on public healthcare system. Moreover, the government is involving private players, which will make the health insurance sector to grow at a fast pace. Additionally, the country has made compulsory for foreign nationals and foreign pilgrims to buy insurance covers. The report also discusses other measures taken by the government to sustain growth in the domestic insurance market.
Besides, the general insurance sector has shown significant growth and is expected to grow in the coming years. Our report also thoroughly discusses the regulatory environment to present an insight of how it will help the overall insurance industry to grow in Saudi Arabia. The report also provides detail information of different industry aspects, such as Retention Ratios, Penetration Rates, etc.
Our report "Saudi Arabia Insurance Market Analysis" shows a highly concentrated structure of the market, with the top players dominating the market. It provides segment level analysis of the industry along with emerging trends that may shape up with the betterment of economic conditions. The report contains comprehensive information of the key competitors and their areas of expertise. The research will help consultants, industry analysts, and vendors to get an in-depth knowledge of the current, past, and future performance of the industry. Besides, the report presents future outlook of the industry, which will prove decisive for the clients.
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About RNCOS:
RNCOS specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals study and analyze the industry and its various components, with comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.
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