Saudi Arabia – Insurance market to decrease by 25% in 2017
Friday, 01 13 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
Experts of the insurance sector expect the economic conditions of the private sector in 2017 to lead to a decrease of the insurance market size by at least 25% compared to year 2016. Some companies are expected to decrease the class of insurance for insurance individuals in order to decrease the cost of the insurance policy.
The insurance consultant Mr. Louay Abdoh said: most companies of the private sector this year will try to rationalize spending through all means in order to decrease costs. This will affect the market shares of insurance companies, which will find difficulties in collecting insurance premiums. He expects the market size to decrease by at least 25% compared to last year especially in the motor and health portfolios.
Source: Al Madina newspaper