The Saudi insurance market

Saudi insurance market features

Saudi insurance market structure in 2019

Market stakeholders	Total
Insurance companies	32
Reinsurance companies	1
Brokers	71
Insurance agents	46
Consulting firms, actuaries, vehicle inspection experts and others	29
Total	179

Profile

Main cities ⁽²⁾

(per number of inhabitants in 2016)

⁽¹⁾ Source: World Bank
⁽²⁾ Source: Population.data

Figures in thousands of USD

Classes of business	2015	2016	2017	2018	2019
Non-life	9 446 700	9 538 200	9 423 500	9 027 700	9 788 400
Savings & pension	275 900	280 100	303 900	293 500	302 200
Total	9 722 600	9 818 300	9 727 400	9 321 200	10 090 600

Figures in thousands USD

Classes of business	2015	2016	2017	2018	2019	2019 shares
Health	5 052 800	4 963 100	5 072 600	5 293 200	5 985 300	59.32%
Motor	2 876 900	3 239 000	2 967 700	2 508 600	2 291 300	22.71%
Property damage and fire	522 600	486 400	455 300	452 000	491 300	4.87%
Engineering	320 700	242 000	248 500	186 800	319 100	3.16%
Accident and third party liability	291 200	279 600	280 900	266 500	298 600	2.96%
Energy	149 900	122 000	196 900	136 200	186 500	1.85%
Marine	193 500	168 900	165 700	145 000	174 100	1.72%
Aviation	39 100	37 200	35 900	39 400	42 200	0.42%
Total non-life	9 446 700	9 538 200	9 423 500	9 027 700	9 788 400	97.01%
Savings & pension	275 900	280 100	303 900	293 500	302 200	2.99%
Grand total	9 722 600	9 818 300	9 727 400	9 321 200	10 090 600	100%

Turnover 2019 per class of business

Figures in thousands of USD

Classes of business	2015	2016	2017	2018	2019	2018-2019 evolution ⁽¹⁾
Health	4 845 600	4 820 500	4 906 400	5 143 000	5 758 100	11.92%
Motor	2 640 700	2 855 900	2 768 300	2 358 700	2 161 700	-8.39%
Property damage and fire	88 000	72 700	85 900	83 600	83 800	0.19%
Engineering	57 600	53 100	44 900	32 000	38 400	19.97%
Accidents and third party liability	140 500	140 000	134 900	125 200	129 600	3.44%
Energy	2 900	3 400	4 600	1000	3 400	265.71%
Marine	66 300	51 200	45 900	41 400	48 200	16.60%
Aviation	800	2 400	1 500	1 400	1 100	-24.53%
Total non-life	7 842 400	7 999 200	7 992 400	7 786 300	8 224 300	5.59%
Savings & pension	222 700	218 600	225 500	211 600	212 300	0.30%
Grand total	8 065 100	8 217 800	8 217 900	7 997 900	8 436 600	5.45%

Figures in thousands of USD

Classes of business	2015	2016	2017	2018	2019	2018-2019 evolution ⁽¹⁾
Health	3 491 500	3 875 500	4 124 900	4 693 000	4 937 600	5.17%
Motor	2 012 500	2 413 400	2 215 500	1 844 800	1 732 900	-6.10%
Property damage and fire	630 600	275 400	256 100	166 200	186 200	11.96%
Engineering	168 200	95 400	199 300	121 600	75 800	-37.70%
Accidents and third party liability	53 300	64 100	82 800	70 100	70 600	0.72%
Energy	300	14 200	5 000	95 000	279 200	193.86%
Marine	57 600	70 200	55 400	59 500	118 300	98.61%
Aviation	13 700	24 700	4 800	33 000	22 600	-31.50%
Total non-life	6 427 700	6 832 900	6 943 800	7 083 200	7 423 200	4.76%
Savings & pension	103 800	111 900	132 800	167 500	154 100	-8.02%
Grand total	6 531 500	6 944 800	7 076 600	7 250 700	7 577 300	4.47%

⁽¹⁾ Growth rate in local currency

Figures in thousands

	Net incurred losses		Net earned premiums		Net loss ratio
	In SAR	In USD	In SAR	In USD	Net loss ratio
Health	18 345 500	4 885 600	20 899 300	5 565 700	87.78%
Motor	5 999 800	1 597 800	8 211 100	2 186 700	73.07%
Property damage and fire	118 100	31 400	316 700	84 300	37.29%
Engineering	59 300	15 800	139 600	37 200	42.48%
Accidents and third party liability	176 500	47 000	496 800	132 300	35.53%
Energy	3 000	800	7 800	2 100	38.46%
Marine	65 800	17 500	176 500	47 000	37.28%
Aviation	1 400	400	5 400	1 400	25.93%
Total non-life	24 769 400	6 596 300	30 253 200	8 056 700	81.87%

Exchange rate SAR/USD as at 31/12	2015	2016	2017	2018	2019
Exchange rate SAR/USD as at 31/12	0.2664	0.2664	0.26648	0.26621	0.26631

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Tue, 20/04/2021 - 14:23