07 May 2025
The Insurance Authority has
issued the Saudi Insurance Market Report, highlighting the Insurance sector’s
developments and financial performance throughout 2024, along with its
contribution to the national GDP.
According to the report, the
insurance sector recorded growth in total written premiums, with notable
increases in protection and savings insurance.
The report revealed an
increase in the insurance sector’s contribution to the non-oil GDP, reaching
2.59% in 2024. Additionally, the report indicated that the insurance sector
achieved profits of 3.6 billion riyals in 2024, compared to a net profit of 3.2
billion riyals in 2023, driven by improved insurance service results and more
substantial investment income.
The Saudi Insurance Market Report also
detailed key regulatory developments, including issuing several regulations and
introducing a standard policy for various insurance products. These efforts
align with the Authority’s commitment to advancing the sector, enhancing its
economic contribution, and prioritizing policyholder protection and fair
product pricing.
The 2024 Saudi Insurance
Market Report is available on the Authority’s website through the following
link: https://ia.gov.sa/reports