Saudi insurance market in 2020

Saudi Arabian Monetary Authority SAMAThe Saudi central bank (SAMA) reported that the local insurers recorded a 2.3% turnover increase in 2020. The latter went from 37.89 billion SAR (10.09 billion USD) in 2019 to 38.78 billion SAR (10.32 billion USD) in 2020.

The Saudi insurance market is dominated by the health activity with 22.83 billion SAR (6.07 billion USD) of written premiums, which represents nearly 59% of the total premium income.

Set at 1.386 billion SAR (369.09 million USD), the net profit recorded for the entirety of insurance companies in 2020 grew by 61.5%.

Saudi insurance market : turnover 2019-2020 per class of business

In thousands
Class of business
2020 Turnover2019 Turnover2019-2020 evolution *2020 Shares
In SARIn USDIn SARIn USD
Health
22 836 8006 081 44022 474 9005 985 2911.61%58.89%
Motor
8 358 0002 225 7368 603 7002 291 251-2.86%21.55%
Property damage and fire
2 109 200561 6801 844 700491 26214.34%5.44%
Accident and third party liability
1 369 900364 8041 121 400298 64022.16%3.53%
Engineering
1 061 800282 7571 198 400319 146-11.40%2.74%
Energy
910 800242 546700 400186 52430.04%2.35%
Marine
690 000183 747653 600174 0605.57%1.78%
Aviation
178 60047 561158 50042 21012.68%0.46%
Total non-life
37 515 1009 990 27136 755 6009 788 3842.07%96.74%
Savings & pension
1 263 600336 4971 134 900302 23511.34%3.26%
Grand total
38 778 70010 326 76837 890 50010 090 6192.34%100%

* Evolution in local currency
Exchange rate as at 31/12/2020 : 1 SAR = 0.2663 USD ; 31/12/2019 : 1 SAR = 0.26631 USD

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