A.M. Best report on Saudi Arabia insurance market shows a promising future for the country

A.M. Best, a global ratings and financial services firm that serves the insurance industry, has released a new report concerning the insurance market in Saudi Arabia. Over the past decade, the Saudi Arabian market has been inundated with its fair share of complications. Political turmoil and international pressures have stressed the market significantly in this time, but the market has shown profound resiliency to such factors. The report shows that the market’s ability to adapt to dramatic change has paved the way to a promising future.

The report notes that the regulations born from the Saudi Arabian Monetary Agency (SAMA), which was founded in 2003, have played a significant role in the market’s flexibility. A.M. Best claims that the regulatory environment in the country is very appealing for insurance companies, providing them with enough leeway to enact policies and make changes they see necessary. These regulations were tested by the Arab Spring, which was nothing short of a progressive revolution. Despite political turbulence and rampant rioting in Saudi Arabia, the insurance market remained stable.

A.M. Best notes that there are still challenges facing Saudi Arabia that may have an impact on how stable the country’s insurance market is. If SAMA can continue to maintain the current regulatory environment, however, the country’s market may remain stable and host several major opportunities for growth.

A.M. Best’s report is available for free through the firm’s website.

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