Saudi Arabia – Health insurance represents 52% of premiums
Tuesday, 02 09 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
A study completed by “Argaam” on the financial statements of Saudi insurance companies in 2015 showed that the health insurance sector represents more than 52% of total written premiums of companies during 2015, which reached SAR 36.37 billion, where health insurance premiums increased to SAR 18.96 billion by year end 2015 with an additional SAR 3.21 billion compared to year 2014 i.e. 20% growth.
Motor health insurance premiums accounted for more than 29% of total written premiums compared to a share of 26% during both years 2013 and 2014 noting that premiums in this sector increased by 32% during year 2015 reaching SAR 10.6 billion. This increase is related to the motor insurance price increases of 100% during year 2015 due to the increasing traffic accidents.
Moreover, the insurance premiums of other insurance sectors such as property, Inland transportation, and engineering insurance reached SAR 6.8 billion during year 2015.