Dubai, UAE — Saudi Arabia witnessed a 30 percent rise in the per capita spending on insurance to SAR 1,564 ($421.08) by the end of 2022, data from the Saudi Central Bank (SAMA) said.
By the end of 2021, the spending on insurance was SAR 1,200, Argaam reported, quoting SAMA data. The per capita insurance spending is defined as the gross written premiums during the year divided by the population.
Health insurance accounted for 60 percent of total per capita spending on insurance, followed by general insurance with 37 percent and protection and savings insurance with 3 percent, the report said.
Gross written premiums (GWPs) increased by 27 percent year-on-year to SAR 53.4 billion ($14.29 billion) last year.
The health insurance’s GWPs stood at SAR 31.8 billion ($8.59 billion) in 2022, up 27 percent from SAR 25.11 million ($6.78 billion) in 2021. Similarly, general insurance GWPs went up by 29 percent YoY to SAR 19.7 billion ($5.31 billion) in 2022. Protection and savings insurance premiums also saw 10 percent YoY growth.
In the general insurance segment, auto insurance premiums accounted for 53 percent, or SAR 10.3 billion ($2.78 billion), of total GWPs. Anti-accidents and liability insurance came second with 14 percent.