Saudi Arabia: Insurance claims hit record $6.3 bln in 2016
Source: Middle East Insurance Review | Apr 2017
Insurance claims in Saudi Arabia have surged to its highest level ever, increasing by 10% in 2016, while total premiums rose marginally by 1%.
Insurance claims totalled SAR23.7 billion (US$6.3 billion) last year, the highest in the kingdom’s history, reported Al Arabiya. The figure represented around 65% of total premiums in 2016. Total GWP in the Saudi insurance market stood at SAR36.7 billion in 2016, a marginal 1% higher than the GWP36.4 billion posted in 2015.
According to data collated from financial statements of insurance companies, the motor sector registered the highest percentage of claims at 77%, compared to other classes of business which saw claims ratios ranging from 4% to 65%.
SAR1 = US$0.27