News Middle East14 Aug 2016

Saudi Arabia:Insurers expect limited increase in premium rates next year

14 Aug 2016

Insurance companies in Saudi Arabia are expecting a slight increase in premiums next year due to the continuous losses incurred in health and motor insurance. This is in spite of a surge in profits for the industry for the first half of this year.

Mr Adel Abdulaziz  Al-Essa, the media spokesman for insurance companies, told the local media that the insurers will have more details about the expected premium increases after the release of the results for the second half of this year. The results will help the insurers to determine the premium rises, which will be limited, according to an issued statement.

Mr Al-Essa said that insurance companies are in the process of setting up a common database for motor accident claims to better manage them.

Saudi Arabia's 34 listed insurance companies reported a combined profit before zakat of SAR839.7 million (US$224 million) in the first half of 2016, an increase of 160% compared to the corresponding six months last year, according to data compiled by the financial publication Argaam.

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