Saudi insurance market in 2021

Saudi Arabian Monetary Authority SAMAThe Saudi central bank (SAMA) reported that the local insurers recorded a 8.39% turnover increase in 2021. The latter went from 338.78 billion SAR (10.33 billion USD) in 2020 to 42.03 billion SAR (11.20 billion USD) in 2021.

The Saudi insurance market is dominated by the health activity with 25.11 billion SAR (6.69 billion USD) of written premiums, which represents nearly 59.7% of the total premium income.

Saudi insurance market : 2021 turnover per class of business

In thousands
Class of business2021 turnover2020-2021 evolution (1)2021 shares
En SAREn USD
Maladie25 109 4006 686 6339.95%59.74%
Automobile8 162 7002 173 727-2.34%19.42%
Dommages aux biens et incendie2 282 100607 7238.20%5.43%
Accidents et responsabilté civile1 586 400422 45815.80%3.78%
Energie1 295 300344 93942.22%3.08%
Engineering1 002 000266 833-5.63%2.38%
Transport martime696 300185 4250.91%1.66%
Aviation189 10050 3575.88%0.45%
Total non vie40 323 30010 738 0957.49%95.94%
Epargne & prévoyance1 707 200454 62735.11%4.06%
Total général42 030 50011 192 7228.39%100%

(1) Evolution in local currency
Exchange rate as at 12/31/2021: 1 SAR = 0.2663 USD

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