Covid-19: impact on the Saudi Insurance Market

Oxford Business Group (OBG) has published, in collaboration with Najm Insurance Services, a study on the impact of Covid-19 on the Saudi insurance market [4].

With a solid macroeconomic position, a low public debt, a good credit rating and substantial foreign exchange reserves, the Kingdom has the ability to absorb the shock caused by the pandemic and finance stimulus packages for all economic sectors including insurance.

More than 120 billion SAR (32 billion USD) have been made available to banks and insurers to cope with the crisis. In turn, insurers have supported the State in its fight against Covid-19 with a donation of 67.7 million SAR (18.05 million USD).