Saudi Arabia: Insurance per capita spend inches up to $310 in 2016

Source: Middle East Insurance Review | May 2017

Saudi insurance per capita spending rose by 1% y-o-y to SAR1,161 (US$310) by the end of 2016, data from the Saudi Arabian Monetary Authority (SAMA) show.

Health insurance accounted for 51% of total per capita spending, followed by general insurance (46%), as well as protection and savings insurance (2%), reported Argaam.

GWP saw a 1% y-o-y increase to SAR36.9 billion last year. The health insurance segment’s GWP stood at SAR18.6 billion, down by 2% y-o-y, while general insurance GWP grew by 4% y-o-y to SAR17.2 billion. Protection and savings insurance premiums registered a 1% y-o-y rise to SAR1.05 billion.

In the general insurance segment, auto insurance premiums accounted for 71% or SAR12.2 billion of total GWP. Property and fire insurance came second, with 11%, and engineering insurance accounted for 5%. M

SAR1 = US$0.27

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