Saudi insurance market: Q1 2022 results

According to a report by the Saudi Central Bank (SAMA), all local insurers have achieved a 17.1% increase in their turnover in the first quarter of 2022. The premium volume has reached 14.982 billion SAR (3.9 billion USD) against 12.796 billion SAR (3.4 billion USD) during the same period in 2021.

The Saudi insurance market is dominated by the health activity which posted a turnover of 9.468 billion SAR (2.5 billion USD), that is, a 63.2% market share. The health activity is followed by the motor class of business, which, with 17.8% of the total premium income, has generated 2.673 billion SAR (711.8 million USD) of written premiums.

During the first quarter of 2022, Saudi companies have recorded a net loss of 152.7 million SAR (40.7 million USD) compared to a net profit of 100.4 million SAR (26.7 million USD) one year earlier. This sharp decline in the result is mainly due to an increase in technical losses which went from 178.8 million SAR (47.6 million USD) as at 31 March 2021 to 553.6 million SAR (147.4 million USD) at the end of March 2022.

For its part, the investment income has climbed by 43.6% to reach 401 million SAR (106.8 million USD).