According to the data published by the Saudi central bank (SAMA), local insurers have recorded a slight turnover increase of 0.4% in the first quarter of 2021.
The premium volume has grown from 12.744 billion SAR (3.38 billion USD) in Q1 2020 to 12.796 billion SAR (3.41 billion USD) a year later.
The market is dominated by health insurance which, with 61.3% of the total premium income, has reached a turnover of 7.837 billion SAR (2.08 billion USD) by 31 March 2021.
The motor insurance class of business is in second place with 2.547 billion SAR (678.78 million USD) of written premiums, representing 19.9% of the market share.
At 100.36 million SAR (26.74 million USD), the net profit before zakat of all Saudi insurance companies [4] has increased by 23% during the period under review. This progress is driven by a 54.8% improvement of the investment income.