According to Capital Standards, "the Saudi Arabian insurance industry has emerged as one of the fastest growing insurance industries across the world. The industry capitalized from the economic development of the country and the introduction of compulsory business lines such as health insurance, motor third-party liability insurance, professional indemnity for certain professions and workers' compensation insurance. The Saudi Arabian insurance industry's total GPW growth averaged 21.53%, over the past 4 years as of 2011. Since 2003, Saudi Arabian Monetary Agency (SAMA) is regulating the Saudi Arabian insurance industry under the Cooperative Insurance Companies Control Law. The Saudi Arabian insurance industry is divided into 9 segments. Health insurance is the largest segment contributing 52.46% to the total GPW as of 2011. Protection and Savings (P&S) is considered to be the fastest growing segment, with an average growth rate of 35.13% over the past 4 years."
Gary M. Lewin, CEO of AXA Cooperative Insurance Company, talks about the growth of the insurance sector in Saudi Arabia. "The big differential here in Saudi Arabia is the demographics: it is a very young population and it is the largest population in the Middle East and among all the states in the Gulf. From an AXA Group perspective, this is where we see huge growth potential. In the European markets, growth is under a lot of pressure. On the other hand, here we have an emerging market where we can grow significantly. This is a very challenging market in Saudi Arabia but we believe we can make a difference here," he says.
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