Saudi Arabia’s insurance market expanded 14.6 per cent by the end of Q3 2023, when compared to the previous year.
The Insurance Authority (IA) issued a report on the performance of the insurance sector in the Kingdom.
The report highlights the insurance sector;s performance and contribution to Saudi Arabia’s GDP.
Saudi insurance sector
This report follows the Insurance Authority’s commitment to promote transparency and provide precise up-to-date insights into the insurance sector’s performance.
Key highlights from the report reveal gross written premiums (GWP) growth of 14.6 per cent in Q3 2023, reaching SR14.9bn ($4bn) compared to SR13bn ($3.5bn) in Q3 2022.
Motor, Health, and Property insurance segments contributed to this appreciable increase.
The overall Loss Ratio has also decreased from 81.6 per cent in Q3 2022 to 80.7 per cent in Q3 2023.
Income from Insurance Operations witnessed a substantial growth, with Net Profit after Zakat and Tax reaching SR869.6m in Q3 2023 compared to SR370.6m in Q3 2022.
In addition, Insurance Service Result increased from SR255m in Q3 2022 to SR693.2m in Q3 2023.
Net Investment Income has also increased from SR314m in Q3 2022 to SR543.9m in Q3 2023.
Follow us on
