Riyadh, Saudi Arabia — Saudi Arabia’s insurance sector grew by 26.9 percent in 2022, bringing gross written premiums to SAR 53 billion ($14.13 billion), Saudi Central Bank (SAMA) said in a report.
SAMA said in the 16th Saudi insurance market annual report that health, protection and savings, and motor insurance recorded significant increases in gross written premiums.
The penetration ratio to non-oil GDP increased from 1.91 percent in 2021 to 2.09 percent in 2022. The overall loss ratio remained unchanged at 83.4 percent in 2022.
The report shows the rise in insurance operations income, with net profit reaching SAR 689 million in 2022 compared to a net loss of SAR 47 million in 2021. In addition, Saudization ratio in the sector increased from 77 percent in 2021 to 79 percent in 2022.
The report highlights regulatory developments in the insurance sector, notably the issuance of regulations and the development of standard insurance policies. These developments indicate a positive trend in the insurance sector, which is reflective of SAMA’s endeavors to enhance the sector’s performance and its economic impact, while protecting policyholders’ interests and emphasizing fair pricing of insurance products, SPA reported.