Posted 2/16/2024, 1:25:51 PM
Saudi Arabia's Insurance Market Set for Steady Growth to $22B by 2028, Propelled by Health and Auto Policies
- Saudi Arabia's insurance industry projected to grow at 5.2% CAGR to $22B by 2028, driven by health and motor insurance
- Growth expected to normalize after 2023 following high double-digit growth in 2022-2023
- Personal accident and health insurance is largest segment, aided by rising health awareness and demand for specialized care
- Motor insurance seeing strong growth due to increasing vehicle sales and supportive regulations
- Property insurance to benefit from construction projects under Vision 2030 program