Saudi insurance market: increase in turnover 2019

insurance marketThe supervisory authority (SAMA) has published its 13th annual report on the Saudi insurance market.

The market's turnover reached 37.89 billion SAR (10.09 billion USD) in 2019, an increase of 8.2% compared to the 35.01 billion SAR (9.31 billion USD) recorded in 2018.

Such a growth mainly goes back to the health and P&C activities, which respectively account for 22.474 billion SAR (5.98 billion USD) and 14.280 billion SAR (3.8 billion USD) of gross written premiums. The market's net profit went from 183 million SAR (48.71 million USD) in 2018 to 858 million SAR (228.5 million USD) in 2019, thus increasing by 368.85%.

The return on equity (ROE) was set at 5.27%. The insurance penetration rate moved from 1.20% in 2018 to 1.28% in 2019. Ultimately, the insurance density increased by 5.7% to reach 1 107 SAR (294.8 USD) per capita.

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