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Saudi Arabia Insurance Report INCLUDES BMI's FORECASTS Q2 2011 www.businessmonitor.com SAUDI ARABIA INSURANCE REPORT INCLUDES BMI'S FORECASTS ISSN 1752-8364 Published by Business Monitor International Ltd. SAUDI ARABIA INSURANCE REPORT Q2 2011 INCLUDES 5-YEAR FORECASTS TO 2015 Part of BMI’s Industry Report & Forecasts Series Published by: Business Monitor International Copy deadline: April 2011 Business Monitor International © 2011 Business Monitor International. Mermaid House, All rights reserved. 2 Puddle Dock, London, EC4V 3DS, All information contained in this publication is UK copyrighted in the name of Business Monitor Tel: +44 (0) 20 7248 0468 International, and as such no part of this publication Fax: +44 (0) 20 7248 0467 may be reproduced, repackaged, redistributed, resold in Email: [email protected] whole or in any part, or used in any form or by any Web: http://www.businessmonitor.com means graphic, electronic or mechanical, including photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher. DISCLAIMER All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Business Monitor International accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the publication. All information is provided without warranty, and Business Monitor International makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained. Saudi Arabia Insurance Report Q2 2011 © Business Monitor International Ltd Page 2 Saudi Arabia Insurance Report Q2 2011 CONTENTS Executive Summary ......................................................................................................................................... 5 Table: Overview Of Saudi Arabia’s Insurance Sector ........................................................................................................................................... 5 Key Insights On Saudi Arabia’s Insurance Sector ...................................................................................................................................................... 5 Issues To Watch .......................................................................................................................................................................................................... 6 SWOT Analysis ................................................................................................................................................. 7 Saudi Arabia Insurance Industry SWOT ................................................................................................................................................................ 7 Saudi Arabia Political SWOT ................................................................................................................................................................................ 8 Saudi Arabia Economic SWOT .............................................................................................................................................................................. 8 Saudi Arabia Business Environment SWOT ........................................................................................................................................................... 9 MetLife’s Acquisition Of ALICO .................................................................................................................... 10 Table: ALICO At A Glance .................................................................................................................................................................................. 11 Table: ALICO’s Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%) .......................................................... 12 Table: ALICO – A Market Leader In Japan ......................................................................................................................................................... 12 Table: MetLife’s Acquisition Of ALICO .............................................................................................................................................................. 13 Table: MetLife And ALICO Combined ................................................................................................................................................................. 14 Middle East And Africa Overview ................................................................................................................. 15 Table: Non-Life Segment Premiums, 2009-2010 (US$mn) .................................................................................................................................. 16 Table: Life Segment Premiums, 2009-2010 (US$mn) .......................................................................................................................................... 16 Islamic Insurance Overview .......................................................................................................................... 19 Projections And Forecasts ............................................................................................................................ 24 Table: Insurance Premiums, 2008-2015 .............................................................................................................................................................. 24 Projections And Drivers Of Growth .......................................................................................................................................................................... 24 Table: Growth Drivers, 2008-2015 ...................................................................................................................................................................... 26 Country Update .............................................................................................................................................. 27 Macroeconomic Outlook ........................................................................................................................................................................................... 27 Table: Saudi Arabia Economic Activity; 2006-2015 ............................................................................................................................................ 28 Political Outlook ....................................................................................................................................................................................................... 29 Long-Term Political Outlook .................................................................................................................................................................................... 32 Insurance Business Environment Ratings .................................................................................................. 36 Table: Saudi Arabia’s Insurance Business Environment Rating .......................................................................................................................... 36 Table: Middle East And Africa Insurance Business Environment Ratings ........................................................................................................... 37 Regional Context ............................................................................................................................................ 38 Table: Non-Life Premiums In A Regional Context, 2009 ..................................................................................................................................... 38 Table: Life Premiums In A Regional Context, 2009 ............................................................................................................................................. 39 Major Players In Saudi Arabia’s Insurance Sector ..................................................................................... 40 Table: Gross Written Premiums, 2005-2009 (SARmn) ........................................................................................................................................ 40 Table: Net Written Premiums, 2005-2009 (SARmn) ............................................................................................................................................ 41 Table: Disclosed Gross Written Premiums And Net Premiums Earned By Listed Insurers, 2009 (SARmn) ....................................................... 42 Table: Evolution Of Gross Written Premium Q409-Q310 And Indications For 2010, Top 10 Listed Companies (SARmn) ................................ 43 Table: Evolution Of Net Premiums Earned, Q409-Q310, And Indications For 2010, Top 10 Listed Companies (SARmn) ................................. 44 Table : Comparison Of Gross Written Premiums, 9M09-9M10 (SARmn) ............................................................................................................ 44 © Business Monitor International Ltd Page 3 Saudi Arabia Insurance Report Q2 2011 Table : Comparison Of Net Earned Premiums, 9M09-9M10 (SARmn) ................................................................................................................ 45 Table:
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