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Insurance Domain – KSA SWOT & PESTLE Analysis

ID : 52600753| Mar 2020| 15 pages

COMPANY PROFILE -Insurance Domain – KSA

Business Sector :Insurance

Operating Geography :Saudi Arabia, Middle East

About Insurance Domain – KSA :

The GCC countries had seen an average of only 2.3 per cent insurance penetration in 2017, a figure which is significantly lower than the 6.2 per cent of the global average and 3.2 per cent of the global emerging markets. Saudi Arabia's insurance industry has been forecasted to see solid premium growth both in the non-life and smaller life insurance sectors. This positive outlook is expected to be fuelled by increasing employment and income rates. However, high costs of operation and labor are proving to be obstacles in the industry’s growth path. The entry of foreign companies expected in 2019 and 2020 and the possibility of local insurers merging to form larger entities are two factors which have the ability of promoting growth. The introduction of the Women's Driving License Act is also estimated to boost the growth of the Motors insurance sector as demand for motors sales and rentals will increase.

Insurance Domain – KSA Revenue :

Competitive Analysis of Insurance Domain – KSA

The SWOT analysis of Insurance Domain – KSA is presented below:
1. Good linkages with many nations gives scope for trade insurance business
2. Strategic geographic location
3. Strong Growth in the insurance sector owing to supportive policies
4. Strong growth prospects
1. Highly competitive Industry
2. Low employment levels
3. Lack of Awareness
1. Low penetration rates
2. Regulations supporting the growth
3. Consolidation
4. Scope for digitization and innovation
5. Takaful Insurance
1. Weakening economic conditions
2. Negative impacts of conflicts between Qatar and other GCC countries
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Detailed SWOT Analysis of Insurance Domain – KSA



1. Good linkages with many nations gives scope for trade insurance business: Within the Gulf, there is tremendous potential for cooperation in trade, investment, energy, manpower, etc. amongst the different nations nestled in it. Economic linkages of GCC and many other primary countries have increased steadily due to growth in oil imports. For instance with India the GCC has had strong historical ties. Besides, the geographical proximity, growing trade and investment opportunities, and presence of 3.3 million Indian workers in the region, are of vital interest to India. Due to a high potential market, GCC states, also are a key market to major foreign companies which treat the Middle East as one of the major emerging markets for their business.

2. Strategic geographic location: Oman enjoys an advantageous geographic location, by virtue of which it controls the most imperative marine trade, the course between the Arabian Gulf and the Indian Ocean. Oman's ocean drift extends for 1700 kilometers and the Sultanate is viewed as the door to the Arabian Gulf. Its area likewise makes Oman, the gathering spot of the Asian and African mainland. The proximity of Oman to India is a major advantage. The GCC states offer an expansive consumer market obliging around 28 million people with high purchasing power. Also, Oman is nearer to the Iran and Yemen markets which take into account around 82 million purchasers. The Sultanate likewise lies between the business sectors of the Indian sub-landmass and the African continent. This geographic positioning gives it great access to the landlocked Central Asian Republics.

3. Strong Growth in the insurance sector owing to supportive policies: The Sultanate embraced free market, open monetary and healthy competition strategy alongside the existence of regulating rules such as anti-dumping laws and intellectual property protection rules and different laws identified with the business and investment practices. Sultanate of Oman have put in place many policies to advance and empower interests in different monetary segments. Some of the policies which project and empower these nations as an exceedingly potential market are freedom to transfer capital and profit, customs exemption for machines, equipment, and raw materials of industry, Income tax exemption up to ten years for companies, availability of well-planned industrial lands for a nominal rend with reductions for basic services (water - electricity - gas), foreign ownership percentage of 70% directly with the possibility of reaching to 100%, insurance policy program of Omani origin exports against political and commercial dangers.

4. Strong growth prospects: The GCC Insurance sector is anticipated to develop at a CAGR of 10.9% to US$ 44.0 billion till 2021. A growing population, monetary expansion and country specific regulations to fortify the insurance sector are some of the factors that project great opportunities for the future. Amid the forecast period, insurance markets in the UAE and Oman are foreseen to develop at the quickest annualized normal pace of 12.1%, trailed by Saudi Arabia at 10.5%. The non-life insurance coverage advertise is relied upon to develop at a rapid CAGR of 11.7% to US$ 39.8 billion in perspective of the new directions enhancing evaluating of insurance policies, a foreseen restoration in the economy, mandatory covers and rising healthcare costs. Life insurance market is anticipated to develop at a yearly rate of 5.3% driven by rising population and risk awareness.


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Check Out Analysis of Other Relevant Companies

References used in Insurance Domain – KSA Analysis Report

1. UAE Climate Change Risks & Resilience:

2. The World Bank Report, Economic Growth in Gulf Region Set to Improve following a Weak Performance in 2017:

3. Gulf Business:

4. MENA Insurance Pulse 2017:

The detailed complete set of references are available on request in the 'Complete report' on purchase.

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