Saudi Arabia – Lowest insurance growth in 10 years
Monday, 03 13 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The “Albilad Capital” said in a recent study that the growth of the insurance sector in Saudi Arabia decelerated for the first time in more than 10 years, so the growth rate attained 0.5% compared to a growth of 20% in the previous year.
“Albilad Capital” said in its press release on Sunday that the low growth rate is related to a lower demand for health insurance and general insurance due to the economic slowdown and lower employment rates.
Moreover, it said that the total premiums written in all insurance lines reached approximately SAR 35.8 billion (USD 9.54 billion) by year-end 2016.
Additionally, “Albilad Capital” indicated that insurance penetration based on non-oil GDP reached 2% in year 2016 whereas insurance density decreased by 2.5% (SAR 29) reaching SAR 1127 (USD 300) per capita in year 2016.