Saudi insurance market in 2021
The 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.
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Saudi insurance market : 2021 turnover per class of business
In thousands
| Class of business | 2021 turnover | 2020-2021 evolution (1) | 2021 shares | |
|---|---|---|---|---|
| En SAR | En USD | |||
| Health | 25 109 400 | 6 686 633 | 9.95% | 59.74% |
| Motor | 8 162 700 | 2 173 727 | -2.34% | 19.42% |
| Property damage and fire | 2 282 100 | 607 723 | 8.20% | 5.43% |
| Accident and third party liability | 1 586 400 | 422 458 | 15.80% | 3.78% |
| Energy | 1 295 300 | 344 939 | 42.22% | 3.08% |
| Engineering | 1 002 000 | 266 833 | -5.63% | 2.38% |
| Marine | 696 300 | 185 425 | 0.91% | 1.66% |
| Aviation | 189 100 | 50 357 | 5.88% | 0.45% |
| Total non life | 40 323 300 | 10 738 095 | 7.49% | 95.94% |
| Savings & pension | 1 707 200 | 454 627 | 35.11% | 4.06% |
| Grand total | 42 030 500 | 11 192 722 | 8.39% | 100% |
(1) Evolution in local currency
Exchange rate as at 12/31/2021: 1 SAR = 0.2663 USD
Read also | Saudi insurance market in 2022
