Saudi insurance market: subscription increase in 2019

The Saudi insurance market issued 7.64 million insurance policies in 2019 against 6.01 million in 2018, which represents an increase of 27% over one year.

Based on the financial statements of listed companies and data from the supervisory authority (SAMA), the number of documents issued is the second highest ever recorded after the 8.12 million policies subscribed in 2015.

The motor activity alone accounts for 65% of the number of contracts, that is 5 million. The average cost of a motor coverage amounts to 1 722 SAR (458.6 USD) in 2019 against 2 193 SAR (453.7 USD) in 2018.