Magazine date:
Jul 2008 According to the regulatory authority SAMA, the 2007 turnover of the insurance sector amounts to 8.6 billion SAR (2.3 billion USD) against 6.9 billion SAR (1.8 billion USD) in 2006, that is, a 24% rise.
With a premium volume of 5.2 billion SAR (1.3 billion USD), property insurance is reporting an annual 15% increase accounting for 60% of the overall volume of written premiums.
SAMA attributes this performance to the country's strong economic growth and to the institution of a compulsory insurance policy for the motor and health classes of business.