Navi Mumbai, Maharashtra India (PressExposure) June 20, 2011 -- The Saudi Arabian insurance industry has emerged as one of the fastest growing insurance industries across the world. While the global economic crisis has severely hit other industrial sectors, the insurance industry has marinated its 30-35% annual growth rate on the back of compulsory insurance lines.
According to our new research report "Saudi Arabia Insurance Market Analysis", protection & savings is the fastest growing insurance segment in the country. Besides, protection & savings segment, health insurance segment is also growing at a very fast pace and accounted for majority of the overall insurance market by the end of 2010. The health insurance sector is expected to grow further on the back of increasing involvement of private companies and compulsory insurance programmes introduced by the government.
Besides, our research indicates that the general insurance segment has shown substantial growth despite being heavily hit by financial crisis and will show significant growth in the coming years on the back of factors discussed and analyzed in this report. Among various segments, property, and aviation insurance are expected to emerge as the fastest growing general insurance segments over the forecast period.
Apart from this, our report indicates that takaful insurance, private pension funds, reinsurance, and bancassurance will also pave the way for the growth of the Kingdom's insurance market over the forecast period (2011-2013). Most importantly, our report analyzes factors critical to the success of the insurance industry in Saudi Arabia. It has also identified key players in the market and presented their detailed business description. Additionally, the report sheds light on the emerging industry trends, which are expected to decide the future of the Kingdom's insurance sector.
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