The Saudi Central Bank (SAMA) has published the local insurance market's figures as at 31 December 2022. On this date, the overall turnover has reached 53.36 billion SAR (14.2 billion USD), up by 26.9% compared to the 42.03 billion SAR (11.2 billion USD) recorded in 2021.
The sector is still dominated by the health class of business, which has achieved 31.83 billion SAR (8.5 billion USD) in written premiums, or 59.7% of the whole portfolio. The health activity is followed by motor insurance with 19.4% of the total premium income.
The 27 insurance and reinsurance companies operating in the Kingdom have ended the financial year 2022 with a net profit of 689 million SAR (183.5 million USD) compared to a net loss of 47 million SAR (12.5 million USD) posted a year earlier.
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