Saudi Arabia – Contribution of insurance to GDP at 1.5%
Tuesday, 10 04 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The insurance penetration during the second quarter of the current year increased and reached 1.51% compared to 1.40% during the same period of year 2015. However, the insurance penetration based on non-oil GDP reached 2.08% during the second quarter of the current year against 2.06% during the same period of year 2015.
Insurance penetration is known to calculated as the insurance premiums as a percentage of Gross Domestic Product whereas non-oil insurance penetration is calculated as the ratio of total insurance premiums to non-oil GDP.
According to the research unit of the “Aleqtisadiah”, the number of insurance and reinsurance companies licensed to operate in the Saudi market reached 35 companies. The number of “insurance brokers” companies licensed is 80 whereas the number of insurance agents licensed 84 companies.