Saudi Arabia: Insurance market posts net income of over $180m for 2022, reversing losses
Source: Middle East Insurance Review | Jun 2023
The Saudi insurance sector recorded an overall net Income of SAR689m ($183.7m) in 2022, compared to a net loss of SAR47m 2021 according to the Saudi Central Bank (SAMA).
In its annual report, titled The Saudi Insurance Market Report 2022, SAMA said that the industry saw a total insurance operating loss of SAR385m in 2022, significantly narrower than the loss of SAR1.2bn posted for 2021. Net investment income decreased slightly in 2022 to reach SAR1.1bn compared to SAR1.16bn in 2021.
The insurance market grew by 26.9% in 2022, with gross written premiums totalling SAR53.4bn ($14.2bn). Motor and health insurance represented 79.1% of total GWP in 2022.
Health insurance, including the compulsory and non-compulsory lines, remained the largest line of business in 2022 accounting for 59.7% of total GWP, and experiencing 26.8% premium growth during 2022. Motor insurance stood in second place with a 19.4% share of total GWP. Motor gross written premiums Increased by 26.7% in 2022.
The top eight insurance companies generated 77.5% of the market’s total GWP while the remaining 19 insurance companies included in the report accounted for the remaining 22.5% of total market premiums. M