Saudi Insurers’ profits on substantial rise in 2016
Over the first nine months of 2016, the overall profits of Saudi insurers have increased by more than 100% in comparison with the previous year. The 2016 forecasts predicted a 104% increase by 31 December. Improved results will be coupled with a rise in turnover.
The growth of the market is accounted for by five major factors: better corporate management, increased influence of actuarial departments, the development of regulations, especially with regard to health insurance, reinforcement of supervisory authorities (SAMA), and the development of the range of products.
The market turnover has today reached 10.6 billion USD, and is poised to exceed 21 billion USD by 2020. These good figures are accounted for by the global value of insurance companies listed on the stock market which more than doubled, rising from 189.4 million USD in 2015 to 400 million USD in 2016.
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