{"id":83793,"date":"2024-02-27T00:00:00","date_gmt":"2024-02-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/"},"modified":"2024-02-27T00:00:00","modified_gmt":"2024-02-27T00:00:00","slug":"diversification-population-growth-drive-growth-in-the-ins-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/","title":{"rendered":"Diversification, population growth drive growth in the ins. market"},"content":{"rendered":"

Saudi Arabia is expected to remain the largest ins. market in the GCC region for the <\/strong>foreseeable future<\/strong> after dethroning the UAE in 2022, growing at a compounded annual rate of 5.8% to USD 19 bn between 2023 and 2028, said Alpen Capital in its latest ins. industry report<\/a>. <\/p>\n

Thanks to growing demand: <\/strong>Financial advisory firm Alpen based its projections on the Kingdom\u2019s fast moving infrastructure sector and rising demand for automotive and medical coverage.<\/p>\n

The regional market in a nutshell: <\/strong>The market\u2019s gross written premium (GWP) is predicted to grow 5.3% in the medium term (until 2028) to USD 44 bn on the back of diversification efforts and a growing population. The majority of the premiums comprises non-life ins. which is expected to expand 5.4% to USD 40 bn over the same period.<\/p>\n

Peer markets:<\/strong> Kuwait\u2019s ins. sector is expected to grow at the fastest clip in the region with a CAGR of 6.4% to USD 2.4 bn by 2028, while the UAE\u2019s will expand at a 4.9% clip to USD 18 bn, Qatar (4.8%), Oman (4.5%), and Bahrain (2.6%).<\/p>\n

It\u2019s not without challenges: <\/strong>The report highlights that price competition is likely to erode profit margins and higher passed-on risks to reinsurers are likely to squeeze profitability. Automotive and medical ins. are likely to experience disruptions attributed to hikes in claim costs along with higher taxes.<\/p>\n

Technological change: <\/strong>\u201cInsurtech is also enabling insurers to provide customized products that cater to individual needs, leading to a further increase in demand for ins.\u201d said Alpen Capital Managing Director Sameena Ahmed. Insurtech is expected to drive innovation in the sector and boost efficiency, she added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi to remain largest insurance market in the GCC for the forseeable future after dethroning the UAE in 2022<\/p>\n","protected":false},"author":1,"featured_media":83794,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2727],"tags":[1240,10,207,56,689],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-alpen-capital","tag-enterpriseam-ksa","tag-financial-services","tag-insurance","tag-uae","wpautop","entry"],"acf":{"mongo_id":"66b9354a-8fcd-454d-872a-ad2131909331","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2592.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Diversification, population growth drive growth in the insurance market","related_issue":[83784],"teaser":"Saudi to remain largest insurance market in the GCC for the forseeable future after dethroning the UAE in 2022","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.eed03865-83aa-4faf-b2ae-aea79974e6d0.mp3"},"yoast_head":"\nDiversification, population growth drive growth in the ins. market - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Diversification, population growth drive growth in the ins. market\" \/>\n<meta property=\"og:description\" content=\"Saudi to remain largest insurance market in the GCC for the forseeable future after dethroning the UAE in 2022\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/\" \/>\n<meta property=\"og:site_name\" content=\"KSA\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-27T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2592.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Diversification, population growth drive growth in the ins. market\",\"datePublished\":\"2024-02-27T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/\"},\"wordCount\":269,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2592.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Alpen Capital\",\"EnterpriseAM KSA\",\"financial services\",\"insurance\",\"UAE\"],\"articleSection\":[\"FINANCIAL SERVICES\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/\",\"url\":\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/\",\"name\":\"Diversification, population growth drive growth in the ins. market - KSA\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2592.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2024-02-27T00:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2592.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2592.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/ksa\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Diversification, population growth drive growth in the ins. market\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#website\",\"url\":\"https:\/\/enterpriseam.com\/ksa\/\",\"name\":\"KSA\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/ksa\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#organization\",\"name\":\"KSA\",\"url\":\"https:\/\/enterpriseam.com\/ksa\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/42482.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/42482.svg\",\"caption\":\"KSA\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/ksa\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Diversification, population growth drive growth in the ins. market - KSA","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/","og_locale":"en_US","og_type":"article","og_title":"Diversification, population growth drive growth in the ins. market","og_description":"Saudi to remain largest insurance market in the GCC for the forseeable future after dethroning the UAE in 2022","og_url":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/","og_site_name":"KSA","article_published_time":"2024-02-27T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2592.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Diversification, population growth drive growth in the ins. market","datePublished":"2024-02-27T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/"},"wordCount":269,"publisher":{"@id":"https:\/\/enterpriseam.com\/ksa\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2592.jpg?fit=%2C&ssl=1","keywords":["Alpen Capital","EnterpriseAM KSA","financial services","insurance","UAE"],"articleSection":["FINANCIAL SERVICES"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/","url":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/","name":"Diversification, population growth drive growth in the ins. market - KSA","isPartOf":{"@id":"https:\/\/enterpriseam.com\/ksa\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2592.jpg?fit=%2C&ssl=1","datePublished":"2024-02-27T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2592.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2592.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/27\/diversification-population-growth-drive-growth-in-the-ins-market\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/ksa\/"},{"@type":"ListItem","position":2,"name":"Diversification, population growth drive growth in the ins. market"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/ksa\/#website","url":"https:\/\/enterpriseam.com\/ksa\/","name":"KSA","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/ksa\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/ksa\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/ksa\/#organization","name":"KSA","url":"https:\/\/enterpriseam.com\/ksa\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/ksa\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/42482.svg","contentUrl":"https:\/\/ent.news\/internal\/42482.svg","caption":"KSA"},"image":{"@id":"https:\/\/enterpriseam.com\/ksa\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/ksa\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2592.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2592.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/ksa\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2592.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/posts\/83793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/comments?post=83793"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/posts\/83793\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/issue\/83784"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/media\/83794"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/media?parent=83793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/categories?post=83793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/tags?post=83793"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/brand?post=83793"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=83793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}