Saudi Arabia's insurance industry is poised for tremendous growth in the years to come. It is expected to grow at a CAGR of 25-30 percent during 2009-2013, RNCOS industry research firm said in its latest Saudi Arabia Insurance Market report on Thursday. It said the market is largely untapped and has huge growth potential, noting that it has mostly been immune to the global financial crisis. Most of the insurers are seen optimistic and confident about their future plans for the expansion in the Kingdom. The report further said there is a strong need for insurers to widen their product portfolio, explore innovative and specialized insurance products to address the changing requirements of customers belonging to various niche categories. Moreover, according to Buruj Cooperative Insurance Co, Saudi Arabia's insurance density is poised to be sustained with the introduction of a new policy in compulsory motor insurance and cooperative health insurance. The steady performance of the Saudi economy amid the global financial downturn will further stimulate the ongoing growth trend. __
