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RNCOS, in its latest market research report “Saudi Arabia Insurance Market to 2012", states that the health insurance market, which represented close to half of the Saudi insurance market in 2008, is predicted to grow at a CAGR of about 30-32% during 2009-2013. Due to its compulsory nature, there has hardly been any impact of global financial crisis on this market; in fact, the YOY growth in 2008 was much higher than 2007.

With the significantly increasing role of private insurance companies to develop the scope for insurance cover, the health insurance market in the kingdom is expanding at a rapid pace. At present, the kingdom's approx 7 Million expatriate workers, including domestic workers are obliged to show proof of health insurance cover to renew their residence or work permits. And, with recent introduction of compulsory health insurance for private employees irrespective of the size of the company they are working with, the health insurance market in the country is set to record further growth.

Moreover, the government is also planning to make the health insurance cover compulsory for the 9 Million religious pilgrims who visit the country every year. Currently, the government subsidizes healthcare for the hundreds of thousands of pilgrims who fall ill in Saudi Arabia each year. This leaves ample room for the market to expand and the new health insurance companies to build up their operations.

“Saudi Arabia Insurance Market to 2012" is a comprehensive research report that comprises quality research and in-depth analysis on the insurance market in Saudi Arabia. It studies the emerging market trends, recent developments and their impact on the market. The report will help clients to analyze the leading-edge opportunities, prospective customer base, key players and all the other factors that are critical to the success of a new entrant in the insurance industry of Saudi Arabia. Most importantly, the report also gives future outlook on each of the important insurance segments, which will assist clients in making prudent investment decisions.

by: Shushmul Maheshwari