25 April 2024
The Insurance Authority has issued the Saudi Insurance Market Report for
Year 2023 which highlights the insurance sector’s performance and contribution
to the Kingdom's GDP.
The insurance sector grew in gross written premiums. Motor insurance,
Health insurance, Protection and Savings insurance, recorded significant
increases in gross written premiums. In addition, the share of online sales
showed a positive increase.
The penetration ratio to non-oil GDP increased to 2.38% in 2023. The
report further highlights significant increase in insurance operations income,
with net profit reaching SAR 3.2 billion in 2023 compared to a net profit of
SAR 244 million in 2022.
Regulatory developments in the insurance sector are also highlighted,
notably the issuance of regulations and the development of standard insurance
policies.
These developments indicate a positive trend in the insurance sector and
align with IA's endeavors to enhance the sector’s performance and economic
impact, while ensuring protection of policyholders and fair pricing of
insurance products. The 2023 Saudi Insurance Market Report is available on IA
website.