During this most recent economic downturn, many sectors are experiencing losses. Insurance companies, however, are experiencing a 30 to 35 percent annual growth. This growth has been seen particularly in the Saudi Arabia insurance industry, making itself as one of the most rapidly growing in the world. As per a report entitled, “Saudi Arabia Insurance Market to 2010”, the market is churning with Govnerment backed campaigns along with private companies entering as well.
This report is resultant of adequate study and research of insurance business in Saudi Arabia. The report goes into more detailed discussion of its insurance offerings. By reading the report, customers can learn more about what to expect of Saudi Arabia in the future. The growth in Saudi Arabia may also be an indicator of the growth that will be experienced in the worldwide insurance markets.
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According to the report, as of 2009, health insurance made up about half of the total insurance market. Part of the protection and savings sector, health insurance is anticipated to keep up its rapid growth in the years to come. This may be due to increased numbers of private insurers since compulsory health coverage has been mandated for private employees. The growth can further be explained by the requirements for some citizens to purchase insurance coverage.
Other insurance sectors are seeing growth as well. It is forecasted that general insurance will grow by about one-fourth from 2010 to 2012, possibly as a result of a rise in insurance costs related to vehicles and energy. It is further expected that aviation and property insurance may be part of the fastest growing as well.