Page 15 - Insurance Times November 2023

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Australia general insur- is the leading line of business in the at GlobalData, comments: “The Saudi
Australian general insurance industry, Arabian general insurance industry
ance industry to reach accounting for 34.8% share of the pre- grew by 27.7% in 2022, recording its
$83.9 billion by 2027 miums in 2023. The post-pandemic in- highest year-on-year (YoY) growth over
The Australian general insurance in- crease in healthcare awareness has led the last 13 years. Mandatory private
dustry is set to grow at a compound to a rise in the membership of private health insurance for expats, an in-
annual growth rate (CAGR) of 9.1% health insurance, which has registered crease in vehicle sales, and the rising
growth for 10 consecutive quarters demand for natural catastrophic (Nat-
from AUD86.8 billion ($60.1 billion) in
starting June 2020. As per Private Cat) insurance policies due to extreme
2023 to AUD123.1 billion ($83.9 billion)
Healthcare Australia (PHA), member- weather events have supported the
in 2027, in terms of direct written pre-
miums (DWP), forecasts GlobalData, a ship for private health insurance grew growth of general insurance.
by 2% in 2022 and around 55% of the
leading data and analytics company. “Also, in August 2023, the Saudi Cabi-
Australian population has private
The Australian general insurance in- health insurance. The rise in member- net approved the establishment of the
dustry is expected to register annual Insurance Authority (IA), a new unified
ship has supported PA&H DWP to grow and independent regulator for the in-
growth of 9.5% in 2023 and 9.8% in by 5.4% in 2022 and 6.4% in 2023.
2024. The growth will be supported by surance sector. This will promote the
entry of new insurers into the market,
increasing healthcare awareness after Saudi Arabia general in-
the pandemic, rising demand for natu- which will increase competition and
ral catastrophic (Nat-cat) insurance surance industry to sur- support growth. It will also boost the
due to climate change, and a rise in pass $19 billion by 2027 market for regional and global insurers
operating in the country.”
property and motor insurance pre-
Saudi Arabia’s general insurance indus-
mium rates. try is set to grow at a compound an- Personal Accident and Health (PA&H)
Sutirtha Dutta, Insurance Analyst at nual growth rate (CAGR) of 6.2% from insurance is the leading line of busi-
ness, accounting for a 62.6% share of
GlobalData, comments: “The Austra- SAR56.8 billion ($15.2 billion) in 2023 the GWP in 2023. Increasing health
lian general insurance industry has wit- to SAR72.4 billion ($19.3 billion) in awareness after the pandemic as well
nessed an upward growth trend since 2027, in terms of gross written premi- as rising healthcare costs due to high
the slowdown in 2020 and grew by ums (GWP), forecasts GlobalData, a medical inflation have supported the
8.1% in 2022, recording the highest leading data and analytics company. demand for private health insurance,
growth during the last five years. The Saudi Arabia’s general insurance indus- which is expected to grow by 11.8% in
increase in healthcare awareness post try is projected to grow by 10.4% in 2023. Moreover, mandatory health
pandemic and a rise in vehicle sales 2023, supported by growth in the insurance for employees of private
have supported the growth of general economy, rising vehicle sales, and a companies and expats has contributed
insurance.” booming construction sector. significantly to the growth of PA&H
Personal Accident & Health insurance Anurag Baliarsingh, Insurance Analyst insurance in 2022 and 2023.

The Insurance Times November 2023 15