Saudi insurance market doubles its turnover in four years

According to industry experts, the Saudi insurance market’s turnover reached 84 billion SAR (22 billion USD) in 2025, up from 42 billion SAR (11 billion USD) in 2021, representing a 100% increase in premium volume over four years.

This growth has been primarily driven by the motor and health insurance segments. The number of insured vehicles in Saudi Arabia stands at 11 million, while the number of people covered by health insurance policies totals 14 million.

The establishment of the Saudi Insurance Authority (IA) in 2023 is considered one of the sector’s major developments.

The increase in the number of policies issued, particularly as a result of mandatory insurance requirements, is contributing to greater risk diversification across insurance portfolios.