The Saudi Arabia Health and Medical Insurance Market is Segmented by Insurance Type (Individual Health and Group Health), Coverage Type (Inpatient, Outpatient, and More), Plan Tier (Bronze, Silver, and More), Insurance Model (Co-Operative and Conventional), Distribution Channel (Insurance Brokers, Bancassurance, and More), and End-User (SMEs, and More), and Region. The Market Sizes and Forecasts are Provided in Value (USD).

The Saudi Arabia health insurance market was valued at USD 6.78 Billion in 2024, driven by demand for cost-effective health insurance plans and increasing digital innovation in healthcare services across the region. The market is anticipated to grow at a CAGR of 5.50% during the forecast period of 2025-2034 to achieve a value of USD 11.58 Billion by 2034.

Key Market Trends and Insights

• Saudi Arabia accounted for 1.5% of the global healthcare insurance revenue share in the historical period.
• Term insurance is expected to lead the market in the forecast period based on market share by coverage.
• Private providers are projected to hold a significant market share in the coming years.

Market Size and Forecast

• Market Size (2024): USD 6.78 Billion
• Projected Market Size (2034): USD 11.58 Billion
• CAGR (2025-2034): 5.50%

The statistic presents the value of gross premiums written by accident and health insurance companies in Saudi Arabia from 2009 to 2013 and a forecast thereof until 2025. The value of accident and health insurance sector in Saudi Arabia amounted to approximately **** billion U.S. dollars in 2013 and it was projected to grow to approximately **** billion U.S. dollars in 2025.

In Saudi Arabia Automation Sensors Market, was valued at approximately USD 10.11 billion in 2022 and is projected to reach USD 12.45 billion by 2029, registering a Compound Annual Growth Rate (CAGR) of 8.65% during the forecast period.

Saudi Arabia health medical insurance market valued at USD 8.1 Bn, driven by private coverage growth, government mandates, and rising healthcare awareness, with strong demand in Riyadh, Jeddah, and Dammam.

This statistic describes the market share of the health insurance industry in the Gulf Cooperation Council in 2017, broken down by country. In 2017, Saudi Arabia held a share of ** percent of the GCC health insurance market.

GCC Health Insurance Market was valued at USD 18.66 Billion in 2024 and is anticipated to grow USD 25.75 Billion by 2030 with a CAGR of 5.51% during forecasted period.

Saudi Arabia Health & Medical Insurance Market size was valued at $ 7.80 Bn in 2024 and is expected to reach $ 11.88 Bn by 2032, growing at a CAGR of 5.4% from 2026 to 2032.The combination of telemedicine, digital health platforms, and customizable insurance plans is altering the market.

This statistic describes the market size of the health insurance industry in the Gulf Cooperation Council in 2015, by country. In 2015, the size of the health insurance market in Saudi Arabia was above **** billion U.S. dollars.

Unlock data-backed intelligence on Saudi Arabia Health & Medical Insurance Market, size at USD 6.71 billion in 2023, showcasing trends and future outlook.

The Saudi Arabian maternity health insurance market is expected to exceed USD 510 million by 2029, driven by increased demand for maternal healthcare and growing private insurance

During the third quarter of 2020, Bupa Arabia had the largest market share of the insurance claims in Saudi Arabia at **** percent. It was followed by Tawuniya at **** percent.

Middle East and Africa Health Insurance Market was valued at USD 139.96 billion in 2024 and is anticipated to grow to USD 227.09 billion by 2030 with a CAGR of 8.46% during the forecast period.

This statistic displays the Saudi Arabian results of a survey on global views on healthcare in 2018. According to data provided by Ipsos, about ** percent of respondents from Saudi Arabia reported to agree with the statement that they would use connected health devices if their health insurance companies recommended to use them as part of their treatment plans.

The Saudi Arabian motor insurance market, valued at $3.83 billion in 2025, is projected to experience robust growth, driven by a rising vehicle ownership rate, increasing government initiatives promoting road safety, and a burgeoning middle class with higher disposable incomes. The market's Compound Annual Growth Rate (CAGR) of 5.12% from 2025 to 2033 signifies a steady expansion, with substantial opportunities for both established players like Tawuniya, Allianz Saudi Fransi, and Al Rajhi Company for Cooperative Insurance, and new entrants. The market is segmented by insurance type (third-party liability and comprehensive) and distribution channel (agents, brokers, banks, online platforms, and other channels). Growth in the comprehensive insurance segment is anticipated to outpace third-party liability due to rising awareness of the benefits of broader coverage. The online distribution channel is expected to experience significant growth, fueled by increasing internet penetration and the adoption of digital insurance platforms. Regulatory changes aimed at improving transparency and consumer protection are also influencing market dynamics, encouraging greater competition and innovation. However, challenges remain. Fluctuations in oil prices, a key driver of the Saudi Arabian economy, could impact consumer spending on insurance. Furthermore, competition among established and new players, coupled with the need for continuous product innovation to meet evolving customer needs, presents ongoing challenges. The increasing penetration of telematics and usage-based insurance (UBI) offers a significant opportunity for insurers to improve risk assessment and offer customized pricing, which, in turn, increases the adoption of comprehensive insurance. Sustained investment in technological infrastructure and customer service, combined with robust regulatory compliance, will be crucial for insurers to thrive in this dynamic market. Recent developments include: July 2024: Dutch firm Boskalis planned to acquire the remaining shares in Smit Lamnalco, the world’s fifth-largest towage operator, which already owns 50%. Smit Lamnalco, a joint venture with Saudi’s Rezayat Group, reported USD 275 million in revenue and USD 100 million in EBITDA for 2023. The acquisition is pending regulatory approval., December 2023: The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (Medgulf) announced on December 2023 that it received a notice to award the contract to provide health insurance services for Saudi Electricity Company (SEC) employees and dependents for one year.. Key drivers for this market are: Mandatory Insurance For All Vehicles Ensures Widespread Coverage, Boosting The Motor Vehicle Insurance Market'S Growth., Online Platforms And Mobile Apps Simplify Insurance Processes, Increasing Accessibility And Driving Higher Insurance Adoption Rates.. Potential restraints include: Mandatory Insurance For All Vehicles Ensures Widespread Coverage, Boosting The Motor Vehicle Insurance Market'S Growth., Online Platforms And Mobile Apps Simplify Insurance Processes, Increasing Accessibility And Driving Higher Insurance Adoption Rates.. Notable trends are: Rising Vehicle Ownership is Driving the Market.

The Saudi Arabia motor insurance market is expected to reach a market size of 5.65 million USD by 2033, exhibiting a CAGR of 5.12% during the forecast period. The growth of the market can be attributed to the increasing number of vehicles on the road, rising awareness of the importance of motor insurance, and government regulations mandating third-party liability insurance for all vehicles. The market is segmented by insurance type into third party liability, comprehensive, and other types. Third party liability insurance is the most common type of motor insurance in Saudi Arabia, as it is required by law. Comprehensive insurance provides more comprehensive coverage, including coverage for damage to the insured vehicle. The market is also segmented by distribution channel into agents, brokers, banks, online, and other distribution channels. Agents and brokers are the most common distribution channels for motor insurance in Saudi Arabia. Recent developments include: July 2024: Dutch firm Boskalis planned to acquire the remaining shares in Smit Lamnalco, the world’s fifth-largest towage operator, which already owns 50%. Smit Lamnalco, a joint venture with Saudi’s Rezayat Group, reported USD 275 million in revenue and USD 100 million in EBITDA for 2023. The acquisition is pending regulatory approval., December 2023: The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (Medgulf) announced on December 2023 that it received a notice to award the contract to provide health insurance services for Saudi Electricity Company (SEC) employees and dependents for one year.. Key drivers for this market are: Mandatory Insurance For All Vehicles Ensures Widespread Coverage, Boosting The Motor Vehicle Insurance Market'S Growth., Online Platforms And Mobile Apps Simplify Insurance Processes, Increasing Accessibility And Driving Higher Insurance Adoption Rates.. Potential restraints include: Mandatory Insurance For All Vehicles Ensures Widespread Coverage, Boosting The Motor Vehicle Insurance Market'S Growth., Online Platforms And Mobile Apps Simplify Insurance Processes, Increasing Accessibility And Driving Higher Insurance Adoption Rates.. Notable trends are: Rising Vehicle Ownership is Driving the Market.

During the third quarter of 2020, health insurance had the largest share of the insurance claims in Saudi Arabia at ** percent. It was followed by motor insurance at ** percent.

Saudi Arabia Travel Insurance Market size was valued at USD 120.00 Million in 2024 and is projected to reach USD 249.43 Million by 2032, growing at a CAGR of 10.50% from 2026 to 2032.

Saudi Arabia Travel Insurance Market Drivers

1. Government Programs and the Growth of Tourism

The goal of Saudi Arabia's Vision 2030 is to diversify the economy by bringing in foreign tourists and improving the country's tourism infrastructure. This program has led to increased demand for travel insurance products. ​

1. Pilgrimage for religious reasons

Specialized travel insurance solutions are required due to the surge of pilgrims during the Hajj and Umrah, which fuels market expansion. ​

1. Resuming Travel After the Pandemic

Travel has become more popular since COVID-19 normalized travel regulations, which has raised demand for travel insurance.

Middle East and Africa Pet Insurance Market was valued at USD 405.67 Million in 2024 and is anticipated to grow USD 801.54 Million by 2030 with a CAGR of 12.02% during forecast period.

During the third quarter of 2020, health insurance had the largest share of the net written premium (NWP) in Saudi Arabia at ** percent. It was followed by motor insurance at ** percent.