This paper attempts to find out the impact of reforms on insurance industry of Saudi Arabia. The study finds out the impact of reforms vis-Ã -vis premium growth, regulation of insurance industry and entry of new companies in the industry. The study is based on secondary data collected mainly from the annual reports of the Saudi Arabian Monetary Agency (SAMA) from 2005 through 2009. The study made a comparative study of the performance of insurance industry in pre and post reforms era. Further it analyzes the impact of reforms on standardization of insurance industry through regulatory framework and participation of new companies from Saudi Arabia and other foreign multinational companies in the industry. Since reform in 2004 Saudi Insurance is growing fast registering remarkably high growth rate in premium. Besides premium large numbers of indigenous companies have entered the insurance market. The government has established sound regulatory system to develop the insurance industry of Saudi Arabia to international standard.