Health insurance increasing significantly in 2014

According to the annual report released by the authorities, the Saudi insurance market posted a 20.8% growth in 2014. The total gross written premiums amounted to 30.48 billion SAR (8.12 billion USD).

The health insurance grew by 21.7%, with a turnover amounting to 15.7 billion SAR (4.19 billion USD), compared to 12.9 billion SAR (3.4 billion USD) in 2013. The health class of business, alone, accounted for 51.5% of the market total premiums.

Non life insurance comes second with 13.9 billion SAR (3.7 billion USD) of gross written premiums, that is 45.5% of the market total. Its year-on-year progression is of 20.5%.

Motor insurance is by far the most underwritten non life class of business. All insurers reported profits amounting to 651 million SAR (173 million USD) in 2014 compared to a loss of 1.73 billion SAR (461 million USD) in 2013.