01 January 2024
The Insurance Authority (IA) has issued its report on the performance of
the Insurance Sector in the Kingdom. The report highlights the Insurance
Sector's performance and contribution to the Kingdom's GDP.
This report follows the Insurance Authority’s commitment to promote
transparency and provide precise up-to-date insights into the Insurance
Sector’s performance. Key highlights from the report reveal gross written
premiums (GWP) growth of 14.6% in Q3 2023, reaching SAR 14.9 billion compared
to SAR 13 billion in Q3 2022. Motor, Health, and Property insurance segments
contributed to this appreciable increase.
The overall Loss Ratio has also decreased from 81.6% in Q3 2022 to 80.7%
in Q3 2023. Income from Insurance Operations witnessed a substantial growth,
with Net Profit after Zakat and Tax reaching SAR 869.6 million in Q3 2023
compared to SAR 370.6 million in Q3 2022.
In addition, Insurance Service Result increased from SAR 255 million in
Q3 2022 to SAR 693.2 million in Q3 2023.
Net Investment Income has also increased from SAR 314 million in Q3 2022
to SAR 543.9 million in Q3 2023. To view the detailed Saudi Insurance Market
Report, please refer to the IA’s official website.