Smaller players in the crowded Saudi Arabian insurance industry are finding it difficult to maintain or boost their business, with rising costs being one of the main factors, reports SpyGhana.com.
Another problematic factor for the overall sector is the low penetration rate.
Albilad Capital L.L.C. recently said penetration rates were around 1% as of the end of 2013, lower than the global 6.5% rate.
It added that per capita spending on insurance products was $218, which is only a third of the global average, SpyGhana.com reports.