Engineering Insurance Gaining Momentum in Saudi Arabia

The Kingdom has been witnessing an increase in gross premiums of engineering insurance, and this is expected to give a new dimension to the Saudi Arabian insurance industry, says RNCOS.

NOIDA, India (prHWY.com) June 7, 2012 - In Saudi Arabia, engineering insurance is one of the fastest growing insurance businesses as it provides coverage for a builder's risks, construction, mechanical, and electrical breakdown. According to a new research report by RNCOS, the level of awareness regarding engineering insurance is currently low in Saudi Arabia as this type of insurance policy is offered by less number of players, and many contractors are unaware of the benefits offered by the coverage in the time of catastrophe. With the rising infrastructural investments, and growing construction activities, the engineering insurance gross premium in the Kingdom is expected to grow at a compound annual rate of about 13% during 2011-2015.

The report, "Saudi Arabia Insurance Market Analysis", found that the compulsory branches of insurance (health and third party liability motor insurance) have maintained a significant growth pattern as compared to the voluntary segments. On studying the insurance market in the Kingdom, it was found that around 73% of the gross written premium was generated by compulsory branches in 2010. On back of impressive performance by energy and aviation sectors, the gross premium in the general insurance segment grew by 6% during the same year. However, the protection and saving gross insurance premium remained the same as it was in previous year.

The comprehensive study provides an in-depth insight into the current performance of the insurance industry in Saudi Arabia. The segment-wise analysis offers information about market potentials, and penetration level of insurance services. The research work analyzes each and every factor contributing to the rising attractiveness of the Saudi Arabian Insurance industry. Also, it includes an overview of regulatory environment, and presents information about key industry players like National Company for Cooperative Insurance, BUPA Arabia, etc.

For FREE SAMPLE of this report visit: http://www.rncos.com/Report/IM301.htm

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About RNCOS

RNCOS specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals analyze the industry and its various components, with a comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the intending consultants in meeting their objectives in a cost-effective and timely manner.

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Tag Words: medgulf group

Categories: Insurance

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