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BMI View: Within the non-life segment, growth in premiums through the forecast period will continue to bedriven by developments in two sub-sectors. There should be higher volumes (if not prices) in the motorvehicle insurance sub-sector, thanks to the expansion in the number of vehicles on Saudi Arabia's vehicles.Higher volumes and inflation in healthcare costs should ensure that health insurance, which is already byfar the most important sub-sector, continues to achieve double-digit annual growth rates. Meanwhile, thelife insurance segment should remain at an embryonic level of development.

Key Updates And Forecasts
-As of early 2016, the latest reports from the leading insurers indicate that conditions have been quite challenging through 2015. Some have experienced strong growth in premiums; others, significant falls.Many of the leaders have ceded significant percentages of gross premiums to reinsurers. Claims costshave spiralled. Investment earnings have been low. Profits for shareholders have been minimal. Weremain of the view that non-life premiums rose by 5.6% in 2015 and that they should grow by 10.2% in2016. We consider that the risks to our forecasts are to the upside.
-The implications of this are that Saudi Arabia will remain one of the largest and rapidly growing marketsfor Sharia-compliant insurance globally. Health insurance specialists - such as Bupa Arabia will gainmarket share. For now, we remain of the view that the competitive landscape is unli
BMI Industry View ....... 5
Table: Headline Insurance Forecasts (Saudi Arabia 2013-2020) . . . 5
SWOT .... 7
Insurance . 7
Industry Forecast 9
Life Premiums Forecast ...... 9
Table: Life Premiums (Saudi Arabia 2013-2020) 11
Table: Life Insurance Claims (Saudi Arabia 2008-2015). . . . 12
Non-Life Premiums Forecast ..... 13
Table: Non-Life Premiums (Saudi Arabia 2013-2020) . 16
Table: Non-Life Insurance Claims (Saudi Arabia 2009-2015) . . . . . 17
Non-Life Sub-sector Forecast ..... 18
Table: Non-Life Insurance Premiums by Product Line (Saudi Arabia 2013-2020) . . 25
Insurance Risk/Reward Index .. 26
MENA Insurance Risk/Reward Index ... 26
Table: MENA Insurance Risk/Reward Index - Q316 . . . 27
Market Overview ....... 28
Life Market Overview ....... 28
The Product Offering ...... 28
The Competitive Landscape ..... 28
Non-Life Market Overview 29
The Product Offering ...... 29
The Competitive Landscape ..... 29
Table: Non-Life Insurance Market (USDmn), 2007-2012. . . . 31
Table: Non-Life Insurance Market (%), 2007-2012 . . . . 32
Company Profile 33
Islamic Arab Insurance Company (Salama) .. 33
MedGulf 35
Tawuniya ....... 38
Methodology ...... 41
Industry Forecast Methodology 41
Risk/Reward Index Methodology ....... 44
Table: Indicators . . . . 46
Table: Weighting of Indicators . 47
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