Magazine date:
Apr 2014 The provisional figures of the Saudi insurance refer to an increase in turnover of 18.2% in 2013 at 25 billion SAR (6.7 billion USD). According to these data, the state owned insurer Tawuniya would detain more than 22% of market share.
This increase is poised to continue thanks to the recently introduced compulsory insurance plans to cover third party liability and unemployment insurance. This trend is clearly indicative of a deteriorating corporate profitability.
The whole market has sustained a loss of 1.3 billion SAR (346 million USD) in 2013. While eight insurers were in the red in 2012, this figure rose to 21 out of 32 companies in 2013.