Saudi: Insurance market grows by 2.3% in 2020
Source: Middle East Insurance Review | Jun 2021
Gross written premiums for the Saudi insurance market reached SAR38.78bn ($10.3bn) in 2020, a 2.3% increase over the preceding year, according to the annual report issued by the Saudi Central Bank (SAMA).
The overall loss ratio decreased from 81.9% in 2019 to 77.5% in 2020 due to the improvements in the loss ratio of health and motor insurance classes.
Net profit (after zakat and tax) for the sector increased by 61.6% over the last year reaching SAR1.38bn in 2020. The penetration ratio of the sector increased from 1.28% in 2019 to 1.48% in 2020.
The report noted that online aggregator business increased to SAR2.3bn from SAR1.3bn in 2019. M