Saudi Arabia Property and Casualty Insurance Market to Grow with a CAGR of 7.35% through 2030

The Saudi Arabia property and casualty insurance market is expanding due to regulatory reforms, economic diversification, rising awareness, technological advancements and increased foreign investment further drive market growth and competition

According to TechSci Research report, “Saudi Arabia Property and Casualty Insurance Market – By Region, Competition, Forecast & Opportunities, 2030F”, the Saudi Arabia Property and Casualty Insurance market stood at USD 44.15 million in 2024 and is anticipated to grow USD 67.34 million by 2030 with a CAGR 7.35% during forecast period. The property and casualty (P&C) insurance market in Saudi Arabia has been experiencing robust growth, driven by economic diversification, regulatory advancements, and an increasing awareness of risk management. As a key component of the Kingdom’s financial sector, P&C insurance plays a vital role in mitigating financial losses associated with property damage, liability, and other unforeseen events. The market’s expansion aligns with Vision 2030, Saudi Arabia’s strategic framework aimed at reducing dependence on oil revenue and strengthening financial services. With rapid urbanization, large-scale infrastructure projects, and a growing population, demand for P&C insurance continues to rise, creating opportunities for both domestic and international insurers.

The Saudi Arabia property and casualty insurance market has witnessed notable expansion, with the growth is primarily attributed to increased commercial activities, government-led development projects, and regulatory initiatives aimed at enhancing insurance penetration. Gross Written Premiums (GWP) have surged as businesses and individuals recognize the importance of insurance in protecting their assets.

Saudi Arabia’s regulatory framework for the insurance sector has evolved significantly, with the Saudi Central Bank (SAMA) implementing measures to enhance transparency, consumer protection, and market stability. Stricter solvency regulations, enhanced compliance requirements, and digital transformation initiatives have strengthened the market and encouraged competition. The introduction of International Financial Reporting Standard (IFRS) 17 has improved financial reporting consistency across the industry, fostering investor confidence and market transparency.

Another key development is the encouragement of mergers and acquisitions within the insurance sector. By consolidating smaller insurance providers, the government aims to create a more competitive and financially stable market. The recent licensing of global players, such as WTW as a reinsurance broker, further demonstrates Saudi Arabia’s commitment to attracting international expertise and fostering innovation within the insurance industry.

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The Saudi Arabia Property and Casualty Insurance market is segmented into insurance type, distribution channel, and company.

Based on the insurance type, the property & fire insurance segment is the fastest growing in Saudi Arabia's property and casualty (P&C) insurance market, driven by expanding infrastructure, real estate development, and increased risk awareness. As the Kingdom undertakes mega-projects under Vision 2030, businesses and individuals are prioritizing asset protection. Stricter regulations and growing commercial activities further boost demand for fire insurance coverage. The rise in industrial facilities, residential complexes, and commercial buildings has heightened the need for policies safeguarding against fire, natural disasters, and other risks. With increasing investments in construction and urbanization, the property and fire insurance segment is poised for sustained growth.

Based on the region, the Western region is the fastest-growing segment in Saudi Arabia's property and casualty (P&C) insurance market, driven by rapid urbanization, infrastructure expansion, and increasing commercial activities. Cities like Jeddah, Makkah, and Madinah are witnessing rising demand for insurance due to large-scale construction projects, tourism growth, and economic diversification efforts under Vision 2030. The region's booming real estate sector and industrial developments further contribute to increased demand for property, liability, and motor insurance. Additionally, heightened awareness of risk management and regulatory support are fostering market expansion, making the Western region a key driver of growth in Saudi Arabia’s P&C insurance sector.

Major companies operating in Saudi Arabia Property and Casualty Insurance market are:

• 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

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“The digital revolution is transforming the Saudi P&C insurance market, with insurers leveraging advanced technologies such as artificial intelligence (AI), blockchain, and big data analytics to enhance operational efficiency and customer experience. The adoption of InsurTech solutions is streamlining policy issuance, claims processing, and risk assessment, making insurance products more accessible and efficient. Online platforms and mobile applications are enabling consumers to purchase and manage policies seamlessly, improving overall market penetration. Telematics-based motor insurance is gaining traction, allowing insurers to offer usage-based policies that reward safe driving behaviors. AI-driven underwriting processes and automated claims management systems are reducing turnaround times, leading to higher customer satisfaction,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

"Saudi Arabia Property and Casualty Insurance Market, By Insurance Type (Motor, Property & Fire, Marine, Aviation, Energy, Engineering, Accident & Liability, Others), By Distribution Channel (Insurance Agency, Brokers, Direct Sales, Others), By Region, Competition, Forecast & Opportunities, 2020-2030F”, has evaluated the future growth potential of Saudi Arabia Property and Casualty Insurance market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Saudi Arabia Property and Casualty Insurance market.

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