Saudi Arabia Insurtech Market

Saudi Arabia Insurtech Market Overview:

The Saudi Arabia Insurtech market size reached USD 92.70 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 1,382.89 Million by 2033, exhibiting a growth rate (CAGR) of 31.03% during 2025-2033. The Insurtech market growth in Saudi Arabia is attributed to regulatory support, including government initiatives like the legislative sandbox, which foster innovation while ensuring safety. Additionally, the rise of telematics and data-driven models, which enables personalized, usage-based insurance policies, improving client engagement, and risk assessment, is expanding the Saudi Arabia Insurtech market share.

Saudi Arabia Insurtech Market Trends:

Regulatory Support and Government Initiatives

The governing body in Saudi Arabia is instrumental in fostering the development of the Insurtech sector through the introduction of supportive regulations and the initiation of targeted programs. The Saudi Arabian Monetary Authority (SAMA) is establishing regulations that harmonize innovation with safety, guaranteeing technological advancement and financial stability. In 2024, the Insurance Authority in Saudi Arabia launched a legislative sandbox platform at the "Fintech 24" conference in Riyadh. The platform aimed to foster innovation by allowing businesses to test new insurance solutions in a regulated, risk-limited environment. This initiative supported the digital transformation of the sector in line with Saudi Vision 2030. By offering a nurturing environment that encompasses funding, accelerators, and innovation incentives, the governing authority is facilitating the establishment and success of Insurtech companies. These efforts align with the broader Vision 2030 strategy, aimed at diversifying the economy by encouraging industries, such as fintech and Insurtech, enhancing market competition and innovation. The government's established regulatory framework builds investor trust, draws global talent, and fosters a setting where established insurers and startups can work together. By prioritizing these strategic initiatives, Saudi Arabia is proving itself as a regional leader in Insurtech, promoting the sector’s expansion and aligning it with the nation’s long-term objectives for economic transformation.

Adoption of Telematics and Data-Driven Insurance Models

The rising use of telematics and data-focused insurance models is a significant contributor to the Saudi Arabia Insurtech market growth. Telematics uses smart devices to gather real-time data on driving habits, transforming the way insurance products are designed and valued. This technology enables insurers to provide more customized and usage-based policies that incentivize safe driving, thereby matching coverage costs with a person's risk profile. By combining data from multiple sources, such as mobile devices and Internet of Things (IoT) sensors, insurers can more effectively evaluate risk and design customized products that satisfy user demands. This transition towards data-informed models not only delivers a more precise and clear pricing framework but also boosts client interaction by providing rewards for responsible actions. Moreover, telematics enhances risk management, enabling insurers to diminish fraudulent claims and improve overall safety results. With Saudi Arabia adopting this innovation, insurers and individuals alike gain access to more efficient, affordable, and tailored insurance options. In 2024, Najm for Insurance Services Company launched a telematics initiative to improve road safety in Saudi Arabia, in partnership with Cambridge Mobile Telematics (CMT) and AiGeNiX. The project involved installing smart devices in vehicles to monitor driving behavior and reduce accidents. It aligned with Saudi Vision 2030 and offers rewards for safe driving, enhancing both safety and insurance practices.

Saudi Arabia Insurtech Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2025-2033. Our report has categorized the market based on type, service, and technology.

Type Insights:

• Auto
• Business
• Health
• Home
• Specialty
• Travel
• Others

The report has provided a detailed breakup and analysis of the market based on the type. This includes auto, business, health, home, specialty, travel, and others.

Service Insights:

• Consulting
• Support and Maintenance
• Managed Services

A detailed breakup and analysis of the market based on the service have also been provided in the report. This includes consulting, support and maintenance, and managed services.

Technology Insights:

• Block Chain
• Cloud Computing
• IoT
• Machine Learning
• Robo Advisory
• Others

A detailed breakup and analysis of the market based on the technology have also been provided in the report. This includes block chain, cloud computing, IoT, machine learning, robo advisory, and others.

Regional Insights:

• Northern and Central Region
• Western Region
• Eastern Region
• Southern Region

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern and Central Region, Western Region, Eastern Region, and Southern Region.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Saudi Arabia Insurtech Market News:

• In July 2025, Saudi Insurtech startup Yasmina raised $2 million in Seed funding, led by Scene Holding with participation from Access Bridge Ventures, Arzan VC, and Sanabil’s 500 MENA Accelerator. Founded in 2023, Yasmina offers API-driven, personalized insurance products for digital platforms.
• In March 2025, InsureTek (GAIP) conference will be held on November 10-11, 2025, in Riyadh, Saudi Arabia, at the voco Riyadh by IHG. The event, co-hosted by GAIP and InsureTek, will focus on Insurtech, AI, blockchain, and regulatory transformation, attracting global leaders, investors, and innovators. It aims to shape the future of the insurance industry in line with Saudi Arabia's Vision 2030.

Saudi Arabia Insurtech Market Report Coverage:

Key Questions Answered in This Report:

• How has the Saudi Arabia Insurtech market performed so far and how will it perform in the coming years?
• What is the breakup of the Saudi Arabia Insurtech market on the basis of type?
• What is the breakup of the Saudi Arabia Insurtech market on the basis of service?
• What is the breakup of the Saudi Arabia Insurtech market on the basis of technology?
• What is the breakup of the Saudi Arabia Insurtech market on the basis of region?
• What are the various stages in the value chain of the Saudi Arabia Insurtech market? 
• What are the key driving factors and challenges in the Saudi Arabia Insurtech market?
• What is the structure of the Saudi Arabia Insurtech market and who are the key players?
• What is the degree of competition in the Saudi Arabia Insurtech market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Saudi Arabia Insurtech market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Saudi Arabia Insurtech market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Saudi Arabia Insurtech industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.