Saudi Arabia: Combined 9-month profits of insurers decline by a third
Source: Middle East Insurance Review | Dec 2018
The combined profits of listed insurers in Saudi Arabia fell by 33% to SAR982m ($261.9m) from January to September, compared with SAR1.47bn for the corresponding period last year.
The profit decline is attributed to increased operating expenses and claims, as well as the departure of about half a million expatriates from the kingdom, reported Al Madina.
“The departure of a large number of expatriates has affected the volume of insurance policies sold, and the number of women who entered the vehicle insurance market after women were allowed to drive has been limited,” said industry expert Mazen Malik. M
SAR1 = $0.27