The Saudi insurance market is set to hit SR15 billion in 2009 from the current levels of some SR4.5 billion, according to a report by BMG Financial Advisers, cited by Khaleej Times.
The Kingdom's insurance penetration level as a percentage of gross domestic product (GDP) at 0.5 per cent in 2004 was the lowest in the world. It should be mentioned that Saudi Arabia has made health insurance mandatory for expatriate workers.
