According to the data published by the Saudi Central Bank (SAMA), the premiums realized by all local insurance companies in 2021 amount to 42.03 billion SAR (11.2 billion USD), which represents an 8.4% increase compared to 2020.
Health remained the main class of business in 2021 with a turnover of 25.11 billion SAR (6.7 billion USD), that is 59.7% of the total portfolio. Motor insurance ranks in the second place with 19.4% of the total premium income. Motor premiums fell by 2.3% to be set at 8.16 billion SAR (2.2 billion USD).
By the end of 2021, the 29 Saudi insurance and reinsurance companies recorded a net loss of 47 million SAR (12.5 million USD) against a net profit of 1.39 billion SAR (370.16 million USD) in 2020.
Read also | Top 10 insurance companies in Saudi Arabia [4]