Saudi Arabia – Claims increased by an average of 102% over 7 years
Monday, 12 05 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The net insurance claims paid by insurance companies in Saudi Arabia increased significantly by around 715% over seven years with an average annual growth rate of 102%.
At the end of the second quarter of the current year, the net claims paid reached SAR 8 billion compared to SAR 990 million net claims paid in the second quarter of year 2009 according to the statistics of the Saudi Arabian Monetary Agency “SAMA”.
The net claims paid of insurance companies grew by 11% compared to the first quarter of year 2016, which posted SAR 7.2 billion, representing a difference of SAR 805 million.