Saudi Arabia Commercial Insurance Market Overview
Market Size in 2024 : USD 8.3 Billion
Market Size in 2033: USD 14.6 Billion
Market Growth Rate 2025-2033: 5.8%
According to IMARC Group’s latest research publication,“Saudi Arabia Commercial Insurance Market Size, Share, Trends and Forecast by on Type, Enterprise Size, Distribution Channel, Industry Vertical, and Region, 2025-2033“, The Saudi Arabia commercial insurance market size reached USD 8.3 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 14.6 Billion by 2033, exhibiting a growth rate (CAGR) of 5.8% during 2025-2033.
Our report includes:
- Market Dynamics
- Market Trends and Market Outlook
- Competitive Analysis
- Industry Segmentation
- Strategic Recommendations
Grab a sample PDF of this report: https://www.imarcgroup.com/saudi-arabia-commercial-insurance-market/requestsample
Saudi Arabia Commercial Insurance Market Trends & Drivers:
Saudi Arabia’s booming construction sector, fueled by Vision 2030, is driving demand for commercial insurance. Mega-projects like NEOM and Qiddiya, valued at USD 500 billion and USD 9.8 billion respectively, require specialized coverage like engineering and liability policies. Tawuniya’s new contractor’s all-risk products saw a 15% uptake among developers. The market’s gross written premium hit USD 8.3 billion, reflecting robust growth. As these projects multiply, insurers are tailoring solutions for complex risks, ensuring businesses are protected. This surge in infrastructure investment is making commercial insurance a cornerstone of Saudi’s economic expansion.
The rise of SMEs, spurred by Vision 2030, is boosting the commercial insurance market. With over 1.3 million SMEs, including 571,298 in Riyadh, businesses need coverage for assets and liabilities. Al Rajhi Takaful reports a 20% increase in SME policies, offering cyber and property insurance. Government incentives, including USD 20 billion in SME funding, encourage risk management adoption. As SMEs drive 30% of non-oil GDP, insurers are launching digital platforms like Bupa Arabia’s to simplify policy access. This trend is reshaping insurance, making it vital for small businesses thriving in a diversifying economy.
Digitalization is transforming Saudi Arabia’s commercial insurance market, enhancing efficiency and customer reach. Insurers like Walaa, partnering with Software AG, use AI and blockchain to streamline claims, cutting processing time by 25%. The market’s e-commerce channel grew by 10%, with brokers capturing 38.4% of distribution. Vision 2030’s push for digital transformation, backed by USD 1.5 billion in tech investments, supports platforms like Absher for policy management. These innovations make insurance more accessible, especially for remote businesses, driving market growth as companies embrace tech-driven risk solutions.
How AI is Reshaping the Future of Saudi Arabia Commercial Insurance Market
Saudi Arabia Commercial Insurance Industry Segmentation:
The report has segmented the market into the following categories:
Type Insights:
- Liability Insurance
- Commercial Motor Insurance
- Commercial Property Insurance
- Marine Insurance
- Others
Enterprise Size Insights:
- Large Enterprises
- Small and Medium-sized Enterprises
Distribution Channel Insights:
- Agents and Brokers
- Direct Response
- Others
Industry Vertical Insights:
- Transportation and Logistics
- Manufacturing
- Construction
- IT and Telecom
- Healthcare
- Energy and Utilities
- Others
Regional Insights:
- Northern and Central Region
- Western Region
- Eastern Region
- Southern Region
Recent News and Developments in Saudi Arabia Commercial Insurance Market
- July 2025: The Saudi Insurance Authority published a new draft Insurance Law for public consultation, with a strong focus on supporting digital transformation, innovation, and enhancing stakeholder confidence. The law aims to consolidate earlier regulations and establish principles to protect policyholders while pushing for modernization and fair competition in the sector.
- June 2025: Commercial insurers rapidly rollout AI-powered solutions, mobile apps, and blockchain technologies to streamline policy management and claims. Digital innovation is driving improved customer experience, greater transparency, and reduced costs across product lines, especially in commercial insurance, as companies respond to rising demand for on-the-go services and operations efficiency.
- January 2025: New regulations require local insurers to offer at least 30% of their reinsurance cessions to domestic reinsurers before seeking international coverage. This move is designed to strengthen the local reinsurance industry and ensure market stability, significantly altering how commercial insurance risk is managed in Saudi Arabia.
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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