(MENAFN- GlobeNewsWire - Nasdaq) The Saudi Arabia Property & Casualty Insurance Market, valued at USD 44.15M in 2024, is set to reach USD 67.34M by 2030, growing at a 7.35% CAGR. Driven by Vision 2030, regulatory reforms, and increased risk management awareness, demand surges amid infrastructure expansion. Key players include Tawuniya and MEDGULF.

Dublin, May 27, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Property and Casualty Insurance Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to ResearchAndMarkets.com's offering.

The Saudi Arabia property and casualty (P&C) insurance market, valued at USD 44.15 million in 2024, is on track to reach USD 67.34 million by 2030, growing at a CAGR of 7.35%. This growth is driven by regulatory reforms, economic diversification under Vision 2030, and heightened awareness of risk management. The Saudi government's emphasis on strengthening the insurance sector and expanding infrastructure projects has increased demand for P&C insurance products.

As foreign investment and market liberalization increase, competition among insurers is intensifying, prompting businesses and individuals to seek enhanced financial protection. According to the Saudi Arabia Central Bank (SAMA) 2022 Insurance Market Report, the sector expanded by 26.9%, with substantial growth in Gross Written Premium (GWP).

Key Market Drivers

Saudi Arabia's insurance sector is bolstered by regulatory advancements led by the Saudi Central Bank (SAMA) and the Insurance Authority. These reforms, aimed at enhancing transparency, financial stability, and consumer protection, include stricter compliance requirements and improved risk assessment mechanisms. Compulsory insurance policies in sectors like construction, health, and vehicle ownership contribute to the market's growth.

Aligned with the 2017 Financial Sector Development Programme, part of Vision 2030, Saudi Arabia targets increasing GWP from 1.9% in 2019 to 2.4% by 2025 and 4.3% by 2030 as a share of non-oil GDP.

Key Market Challenges

The market faces challenges like low insurance penetration due to cultural perceptions and financial illiteracy, particularly in property insurance. Many businesses, especially SMEs, remain underinsured, exposing them to risks like property damage or natural disasters. To address this, insurers should invest in awareness campaigns and offer Sharia-compliant policies.

Key Market Trends

Demand for customized insurance products is rising as the economy diversifies. Insurers are creating tailored policies for sectors such as construction, logistics, healthcare, and cybersecurity. Cyber insurance is increasingly important, protecting businesses from threats like data breaches.

Key Market Players

• The Company for Cooperative Insurance (Tawuniya)
• The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF)
• SALAMA Cooperative Insurance Company
• Saudi Arabian Cooperative Insurance Co.
• Gulf Union Cooperative Insurance Company
• Al-Ittihad Cooperative Insurance Company
• Al Sagr Cooperative Insurance Company
• Allianz SE
• Liva Group SAOG
• Gulf General Cooperative Insurance Company

Key Attributes:

Report Attribute	Details
No. of Pages	81
Forecast Period	2024 - 2030
Estimated Market Value (USD) in 2024	$44.15 Million
Forecasted Market Value (USD) by 2030	$67.34 Million
Compound Annual Growth Rate	7.3%
Regions Covered	Saudi Arabia

Key Topics Covered:
1. Introduction

2. Research Methodology

3. Executive Summary

4. Voice of Customer Analysis

5. Saudi Arabia Property and Casualty Insurance Market Outlook

6. Saudi Arabia Motor Insurance Market Outlook

7. Saudi Arabia Property & Fire Insurance Market Outlook

8. Saudi Arabia Marine Insurance Market Outlook

9. Saudi Arabia Aviation Insurance Market Outlook

10. Saudi Arabia Accident & Liability Insurance Market Outlook

11. Market Dynamics

12. Market Trends & Developments

13. Saudi Arabia Economic Profile

14. Policy & Regulatory Landscape

15. Competitive Landscape

16. Strategic Recommendations

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Attachment

• Saudi Arabian Property and Casualty Insurance Market

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