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%

Saudi Arabia's health and medical insurance market is expanding rapidly, driven by government initiatives and rising healthcare costs. The market, valued at 7.12 million in 2025, is projected to grow with a CAGR of 6.13% during 2025-2033. Increasing health awareness, regulatory changes, and the growing prevalence of chronic diseases are also contributing to market growth. Key market drivers include the mandatory health insurance scheme for expatriates, the expansion of health insurance coverage to low-income individuals, and the increasing adoption of preventive healthcare practices. Key trends shaping the market include the growing popularity of digital health insurance platforms, the integration of technology in healthcare delivery, and the emphasis on value-based healthcare. The market is segmented based on type of insurance provider, type of customer, type of coverage, product type, demographics, and distribution channel. Key players in the market include Bupa Arabia, Tawuniya, Al Rajhi Takaful, Walaa, MEDGULF, AXA Cooperative, Malath Insurance, Wataniya Insurance, Al Etihad Cooperative, SAICO, and Amana Insurance. Growth opportunities lie in the development of innovative insurance products, the expansion of insurance coverage to underserved populations, and the leveraging of technology to improve healthcare delivery and reduce costs. The Saudi Arabia Health & Medical Insurance market is expected to grow from $4.2 billion in 2022 to $7.5 billion by 2027, at a CAGR of 10.2%. The growth of the market is attributed to the increasing awareness about health insurance, rising healthcare costs, and government initiatives to promote health insurance penetration. Recent developments include: February 2023: Cigna Worldwide Insurance Company announced that it has received an official branch license from the Saudi Central Bank (SAMA) to operate as a health insurer in the Kingdom of Saudi Arabia., October 2022: Walaa Cooperative Insurance Company announced the merger of SABB Takaful Company into Walaa Cooperative Insurance Company., October 2022: Walaa Insurance, the leading insurance company in Saudi Arabia, entered a strategic technology partnership with Software AG to transform its technology landscape. Software AG's hybrid digital integration platform will allow Walaa to launch new products, services, and channels in the Saudi market with an enhanced customer focus. With its leadership position in the Saudi insurance market, the technology partnership will allow Walaa's existing and new customers to experience innovative products & digital services from Walaa across multiple channels.. Key drivers for this market are: Technological Advancements Driving Market Growth, Rising Helathcare Costs and Medical Inflation Driving Market Growth. Potential restraints include: Technological Advancements Driving Market Growth, Rising Helathcare Costs and Medical Inflation Driving Market Growth. Notable trends are: Rising Cost of Medical Services.

The Saudi Arabian health and medical insurance market, valued at $7.12 billion in 2025, is experiencing robust growth, projected to expand at a Compound Annual Growth Rate (CAGR) of 6.13% from 2025 to 2033. This expansion is driven by several key factors. The Saudi Vision 2030 initiative, focused on improving healthcare infrastructure and accessibility, is a major catalyst. Government mandates for health insurance coverage, coupled with rising health awareness among the population and increasing prevalence of chronic diseases, are further fueling market growth. The market is segmented across various providers (public, private, standalone), customer types (corporate, non-corporate), coverage types (individual, family), product types (disease-specific, general), demographics (minors, adults, seniors), and distribution channels (direct, brokers, online, etc.). The competitive landscape includes both established international players like Bupa Arabia and AXA Cooperative, and domestic insurers such as Tawuniya and Al Rajhi Takaful, fostering innovation and competition. Growth opportunities exist in expanding coverage to underserved segments, developing innovative insurance products tailored to specific needs, and leveraging digital technologies for enhanced customer experience and operational efficiency. The significant investments in healthcare infrastructure, coupled with the growing adoption of health insurance, particularly among the expanding middle class, points towards a sustained period of market expansion. However, challenges remain, including the need to address affordability concerns, particularly for low-income segments, and the ongoing development of a robust regulatory framework to ensure transparency and consumer protection. Further growth will depend on the successful implementation of government initiatives, continued investment in healthcare technology, and the emergence of innovative insurance models that cater to the evolving needs of the Saudi Arabian population. The market's future trajectory hinges on effectively balancing these growth drivers with the need to overcome existing constraints and fostering a sustainable and inclusive healthcare system. Recent developments include: February 2023: Cigna Worldwide Insurance Company announced that it has received an official branch license from the Saudi Central Bank (SAMA) to operate as a health insurer in the Kingdom of Saudi Arabia., October 2022: Walaa Cooperative Insurance Company announced the merger of SABB Takaful Company into Walaa Cooperative Insurance Company., October 2022: Walaa Insurance, the leading insurance company in Saudi Arabia, entered a strategic technology partnership with Software AG to transform its technology landscape. Software AG's hybrid digital integration platform will allow Walaa to launch new products, services, and channels in the Saudi market with an enhanced customer focus. With its leadership position in the Saudi insurance market, the technology partnership will allow Walaa's existing and new customers to experience innovative products & digital services from Walaa across multiple channels.. Key drivers for this market are: Technological Advancements Driving Market Growth, Rising Helathcare Costs and Medical Inflation Driving Market Growth. Potential restraints include: Technological Advancements Driving Market Growth, Rising Helathcare Costs and Medical Inflation Driving Market Growth. Notable trends are: Rising Cost of Medical Services.

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.

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.

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

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.

The Saudi Arabia Casualty Lines Insurance market is experiencing robust growth, projected to maintain a Compound Annual Growth Rate (CAGR) exceeding 4% from 2025 to 2033. This expansion is fueled by several key factors. Firstly, the Kingdom's Vision 2030 initiative is driving significant infrastructure development and economic diversification, leading to increased demand for insurance coverage across various sectors. The growth in construction, energy, and transportation projects necessitates robust casualty insurance solutions for contractors, businesses, and individuals. Secondly, rising public awareness of risk management and the increasing adoption of insurance as a risk mitigation tool contribute to market expansion. Finally, government regulations promoting insurance penetration and financial inclusion are further bolstering market growth. The market is segmented by insurance type (Motor, Property/Fire, Marine, Aviation, Energy, Engineering, Accident & Liability, and Others) and distribution channel (Insurance Agency, Bancassurance, Brokers, Direct Sales, and Other Distribution Channels). While precise market sizing data for 2025 is not provided, considering a CAGR above 4% and the significant growth drivers, a reasonable estimation would place the 2025 market value in the hundreds of millions of dollars. Competition in the Saudi Arabia Casualty Lines Insurance market is relatively concentrated, with major players including The Company For Cooperative Insurance (Tawuniya), Malath Cooperative Insurance Co, MEDGULF, Salama Cooperative Insurance Co, Arabian Shield Cooperative Insurance Company, Saico, Gulf Union Al Ahlia Cooperative Insurance Co, Allianz Saudi Fransi Cooperative Insurance Company, Al-Etihad Co-operative Insurance Co, and Al Sagr Cooperative Insurance Company. However, the market is likely to see increased competition from both domestic and international insurers seeking to capitalize on the growth opportunities. Despite the positive outlook, challenges remain, including potential regulatory changes, economic fluctuations, and the need to improve insurance awareness and penetration among certain segments of the population. Successfully navigating these challenges will be crucial for insurers aiming to achieve sustainable growth in this dynamic market. Recent developments include: February 2023: The Saudi Central Bank (Insurance Authority (IA), is the current insurance regulator of the Kingdom of Saudi Arabia) announces the licensing of Cigna Worldwide Insurance Company; the first foreign health insurance company branch in Saudi Arabia, November 2022: The Saudi Central Bank (Insurance Authority (IA), is the current insurance regulator of the Kingdom of Saudi Arabia) announces the issuance of the Comprehensive Motor Insurance Rules; these rules aim to regulate the contractual relationship between the insurer and the insured by standardizing the minimum coverage limit of the non-compulsory Comprehensive Motor Insurance and outline coverage provisions of the compulsory and optional coverage to be provided in the policy.. Notable trends are: Saudi Arabia Motor Insurance has Growth Potential.

Comprehensive dataset of 55 Health insurance agencies in Saudi Arabia as of July, 2025. Includes verified contact information (email, phone), geocoded addresses, customer ratings, reviews, business categories, and operational details. Perfect for market research, lead generation, competitive analysis, and business intelligence. Download a complimentary sample to evaluate data quality and completeness.

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 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 four billion U.S. dollars.

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.

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.

The Saudi Arabia Casualty Lines Insurance Market exhibits robust growth potential, driven by a burgeoning economy, increasing vehicle ownership, and rising construction activity. The market, segmented by insurance type (Motor, Property/Fire, Marine, Aviation, Energy, Engineering, Accident & Liability, Others) and distribution channel (Insurance Agency, Bancassurance, Brokers, Direct Sales, Other Distribution Channels), is experiencing a Compound Annual Growth Rate (CAGR) exceeding 4.00%. This expansion is fueled by government initiatives promoting infrastructure development and diversification away from oil dependence, creating a higher demand for various casualty insurance products. Increased awareness of risk management and the mandatory nature of certain insurance policies, particularly motor insurance, further contribute to market growth. However, challenges remain, including competition amongst established players like The Company For Cooperative Insurance (Tawuniya), Malath Cooperative Insurance Co, MEDGULF, Salama, Arabian Shield, Saico, Gulf Union Al Ahlia, Allianz Saudi Fransi, Al-Etihad, and Al Sagr (among others), and the potential for economic fluctuations impacting consumer spending on insurance. The market's considerable size, estimated in the millions, underscores its significant contribution to the broader Saudi Arabian financial sector. The forecast period of 2025-2033 anticipates continued expansion, albeit potentially at a moderated rate, considering the cyclical nature of certain casualty lines and the inherent uncertainties in global economic conditions. Strategic partnerships, technological advancements, and innovative product offerings will be pivotal for sustained success within this competitive landscape.
The historical period (2019-2024) likely saw a steady increase in market size, laying the foundation for the projected CAGR. Growth is expected to be driven by the ongoing expansion of the construction and infrastructure sectors, creating a greater need for property and liability insurance. The motor insurance segment is expected to remain a significant contributor, given the rising number of vehicles on Saudi Arabian roads. The government's focus on Vision 2030, aiming for economic diversification, will indirectly support market growth by fostering a more robust and diverse economic landscape requiring comprehensive risk management strategies. However, potential regulatory changes or shifts in government policy could influence the trajectory of the market in the coming years. Competitive pressures and the need for continuous innovation in product offerings and distribution strategies will be critical factors determining market leadership and overall growth. Recent developments include: February 2023: The Saudi Central Bank (Insurance Authority (IA), is the current insurance regulator of the Kingdom of Saudi Arabia) announces the licensing of Cigna Worldwide Insurance Company; the first foreign health insurance company branch in Saudi Arabia, November 2022: The Saudi Central Bank (Insurance Authority (IA), is the current insurance regulator of the Kingdom of Saudi Arabia) announces the issuance of the Comprehensive Motor Insurance Rules; these rules aim to regulate the contractual relationship between the insurer and the insured by standardizing the minimum coverage limit of the non-compulsory Comprehensive Motor Insurance and outline coverage provisions of the compulsory and optional coverage to be provided in the policy.. Notable trends are: Saudi Arabia Motor Insurance has Growth Potential.

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.

Saudi Arabia Property and Casualty Insurance Market size was valued at USD 6.9 Billion in 2024 and is projected to reach USD 9.1 Billion by 2031, growing at a CAGR of 3.5% during the forecasted period 2024 to 2031.

The Saudi Arabia Property and Casualty Insurance Market is driven by several key factors, including robust economic growth and extensive infrastructure development, which increase the need for insurance coverage to protect new assets. The government's economic diversification efforts under Saudi Vision 2030, aiming to reduce oil dependency by expanding sectors like transport, logistics, and mining, further stimulate demand for insurance products. Additionally, a growing population and heightened health awareness contribute to the expansion of the insurance market, as individuals and businesses seek to safeguard their properties and investments. Regulatory reforms, such as increased minimum capital requirements, are leading to market consolidation, enhancing the sector's stability and capacity to meet rising demand. Overall, these factors collectively contribute to the market's growth and resilience.

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Personal Travel Accident Insurance Market Size and Forecast 2025-2029

The personal travel accident insurance market size estimates the market to reach by USD 45.3 billion, at a CAGR of 7.4% between 2024 and 2029. North America is expected to account for 42% of the growth contribution to the global market during this period. In 2019 the adults segment was valued at USD 55.70 billion and has demonstrated steady growth since then.

    Report Coverage


    Details




    Base year


    2024




    Historic period

    2019-2023



    Forecast period


    2025-2029



    Market structure
    Fragmented



    Market growth 2025-2029


    USD 45.3 billion






The market is experiencing significant growth due to the increasing number of travel accidents. This trend is driven by the rising number of people traveling globally for business and leisure purposes, resulting in a higher demand for comprehensive insurance coverage. Additionally, the market is witnessing a shift towards digital channels for insurance product availability and sales, making it more accessible and convenient for consumers. However, the market faces challenges related to cybersecurity threats in the insurance industry. With the increasing digitization of insurance processes, there is a growing risk of cyberattacks, which could compromise sensitive customer data and undermine trust in the industry.
Companies must prioritize cybersecurity measures to mitigate these risks and maintain customer confidence. To capitalize on market opportunities and navigate challenges effectively, insurers should focus on enhancing their digital capabilities while ensuring robust cybersecurity measures. This strategic approach will enable them to meet the evolving needs of consumers and stay competitive in the dynamic the market.

What will be the Size of the Personal Travel Accident Insurance Market during the forecast period?

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The market continues to evolve, offering a range of coverage options tailored to diverse travel needs. One notable trend is the increasing demand for comprehensive protection, with offerings expanding beyond traditional accident coverage to include permanent disability benefits, extreme sports coverage, and flight accident insurance. For instance, a leading insurer reported a 15% increase in sales of policies with extreme sports coverage in the last year. Moreover, pre-existing condition waivers, single-trip policy options, and specified illness coverage have gained popularity among travelers. The industry is projected to grow at a robust pace, with estimates suggesting a 7% annual expansion in the coming years.

Another significant development is the integration of personal liability protection, emergency medical evacuation, and adventure sports coverage into travel insurance packages. These additions address the needs of travelers engaging in high-risk activities, ensuring they are adequately protected. A single-trip policyholder experienced a dismemberment benefit payout of USD50,000 following an unfortunate accident during a skiing expedition. This incident underscores the importance of thorough coverage and the potential financial relief travel insurance can provide. Policyholders can choose from various deductible and premium levels, as well as multi-trip policy options, to suit their budgets and travel frequency. Additional coverages, such as public transportation coverage, road accident insurance, and hazardous location coverage, cater to the unique risks associated with different travel scenarios.

The claims processing procedure is a critical aspect of travel insurance, with insurers prioritizing efficient and transparent procedures to minimize policyholder frustration. Travel delay compensation, trip cancellation reimbursement, and 24/7 emergency assistance are essential services that contribute to a positive customer experience. Winter sports enthusiasts can benefit from winter sports coverage, which addresses the unique risks associated with snow sports. Unexpected medical expenses, lost baggage reimbursement, and death benefit payouts are just a few of the essential coverages that travel insurance offers. In summary, the market is a dynamic and evolving industry, continuously adapting to meet the diverse needs of travelers.

How is this Personal Travel Accident Insurance Industry segmented?

The personal travel accident insurance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Age Group

  Adults
  Senior citizens
  Children


Type

  General personal travel accident insurance
  Premium personal travel accident insurance


Geography

  North America

    US
    Canada