Saudi insurance market: results increase in H1 2020

Saudi ArabiaAccording to the data published by the stock market authorities, the turnover of the Saudi insurance market has reached 20.75 billion SAR (5.52 billion USD) in H1 2020, thus increasing by 5.3% compared to the 19.7 billion SAR (5.24 billion USD) recorded in 2019.

This growth is tightly linked to the increase in premiums reported by the five leading insurers namely Bupa Arabia 5.7 billion SAR (1.51 billion USD), Tawuniya 5 billion SAR (1.33 billion USD), Medgulf and Al-Rajhi 1.5 billion SAR (399.52 million USD) each and AXA Arabia 812 million SAR (216.27 million USD).

The market's net profit has risen up to 166.2% from 468 million SAR (124.62 million USD) in H1 2019 to 1.246 billion SAR (331.87 million USD) a year later.

Wala Cooperative Insurance has recorded the largest profit increase, that is 17.5 million SAR (4.66 million USD) in H1 2020 compared to 1 million SAR (266,290 USD) a year earlier.

Seven out of the 30 Saudi insurers listed on the stock market, have sustained losses in H1 2020.

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