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| Life Insurance |
Life insurance is currently almost non-existent in the Saudi market. This has been due to the cultural, religious as well as other factors such as lack of awareness and education regarding the insurance products. With the market becoming regulated and sophisticated and with increased awareness amongst the consumers, it is expected that penetration of conventional life insurance as well as Takaful products will grow.
In addition, with new entrants to the market, insurance products being offered would undergo a change whereby each company would be offering more sophisticated and tailored products in order to increase their market share. Products such as credit and mortgage insurance, refundable and modified life insurance are currently almost non-existent in the Saudi market. The level and sophistication of distribution channels will also increase. |
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