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Saudi Arabia’s insurtech market is forecast to grow from USD 92.7 million in 2024 to USD 1.38 billion by 2033 — a 31% compound annual growth rate, among the fastest of any insurtech market in APAC or MENA, according to IMARC Group.
Three things are driving it.
First, regulatory pull:
The Saudi Central Bank’s legislative sandbox lets InsureTechs test products under supervision before going live, and the Insurance Authority (spun out from SAMA in late 2023) has made digital-first compliance the default rather than the exception.
Second, premium growth:
Gross written premium hit roughly USD 14.2 billion in 2024, up 26.8% year-on-year, giving InsureTechs a fast-growing base to plug into rather than a flat one.
Third, distribution is shifting digital:
In the health and medical segment specifically, aggregator-led distribution is growing at a 22.4% CAGR as brokers cede share to platforms.
For InsureTechs, the takeaway isn’t just “the market is big.” It’s that the regulatory and distribution shifts are happening at the same time, which is the window InsureTechs actually need — a market growing fast enough to need new entrants, with a sandbox built to let them in.
Sources: IMARC Group, Saudi Arabia Insurtech Market Report · Insurance Authority data via Beinsure · Mordor Intelligence, Saudi Arabia Health and Medical Insurance Market