RIYADH– The Saudi Reserve Bank (SAMA) released the 16th Saudi insurance coverage market yearly report. The report highlights the insurance coverage sector’s efficiency and contribution to the Kingdom’s GDP in 2022.
According to the report, the insurance coverage sector grew by 26.9% in 2022, bringing gross composed premiums to SR53 billion.
Medical insurance, security and cost savings insurance coverage, and motor insurance coverage taped substantial boosts in gross composed premiums.
The penetration ratio to non-oil GDP increased from 1.91% in 2021 to 2.09% in 2022. The total loss ratio stayed the same at 83.4% in 2022.
The report reveals the increase in insurance coverage operations earnings, with net earnings reaching SR689 million in 2022 compared to a bottom line of SR47 million in 2021.
In addition, Saudization ratio in the sector increased from 77% in 2021 to 79% in 2022.
The report highlights regulative advancements in the insurance coverage sector, significantly the issuance of policies and the advancement of basic insurance coverage.
These advancements suggest a favorable pattern in the insurance coverage sector, which is reflective of SAMA’s undertakings to boost the sector’s efficiency and its financial effect, while safeguarding insurance policy holders’ interests and stressing reasonable rates of insurance coverage items.
The 2022 Saudi Insurance Coverage Market Report is readily available on SAMA’s main site.– HEALTH SPA