Per Capita Insurance Premiumin KSA Expected to Reach $220 |
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JEDDAH - The estimated per capita insurance premium in Saudi Arabia is expected to reach $220 in the next five years, compared with $53 until recently, according to a report prepared by the Oxford Business Group (OBG) in partnership with the Saudi Arabian General Investment Authority (SAGIA).
The 218-page report, which gives an overview of the Saudi economy and its different sectors, was released at a Press conference in Riyadh recently.
It said that Saudi Arabia, which represents between 50 per cent and 60 per cent of the gross domestic product (GDP) of the Middle East and North Africa (MENA) region and 70 per cent of the GDP among Gulf Cooperation Council (GCC) member states, will witness strong growth in its insurance sector over the next five years.
Referring to the insurance industry, the report said that this sector has been hampered by the lack of awareness about the benefits of insurance in Saudi Arabia.
"Competition is tough and companies are jockeying for position, not with the expectation of immediate windfall, but hoping for gains in the future once the market has grown," it said. 'The Report: Saudi Arabia 2008' is rated as the premier guide for foreign direct investment into the country's vibrant economy. It has been published with capital markets partner HSBC Investment Bank, the kingdom's first global investment bank, accountancy partner KPMG Saudi Arabia and law partner Al Jadaan.
OBG said earlier that in a bid to reduce public health expenditure, Saudi Arabia is in the early stages of negotiating a new health insurance initiative for millions of foreign pilgrims.
"The move is yet another step in the transformation of the kingdom's insurance business," it explained.
OBG said that covering the religious insurance market was just another step in what has been a major revamping of the Saudi insurance market in recent years. In mid-2003, the government introduced a set of rules to tidy up the industry.
Prior to this, the insurance sector had been largely unregulated with many unlicensed players.
In 2005 the government called for all insurance companies operating in the Saudi market to apply for licences, which were to be obtained from SAMA by March 2008.
Pilgrims entering the country have traditionally had their health expenses covered by the Saudi government.
However, due to the strain of a fast growing population and a massive influx of religious visitors, the government announced plans in 2003 to examine the possibility of offering religious health insurance for foreign travellers
© Khaleej Times 2008
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