Saudi Arabia – SAR 2 billion insurance profits in 2016
Thursday, 04 27 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority published its 10th annual report on the insurance market in the Kingdom of Saudi Arabia that sheds lights on the continuous growth of the insurance sector in the Kingdom in year 2016 for the 10th consecutive year as well as the increased contribution to the Gross Domestic Product in the kingdom.
The insurance premiums in the kingdom during year 2016 reached SAR 36.85 billion with an increase of SAR 360 million compared to the previous year when premiums reached SAR 36.49, which is a 1% growth rate compared to a growth rate of 19.7% in year 2015.
The report shows that the health insurance written premiums decreased by 1.8% during year 2016 and reached SAR 18.63 billion compared to SAR 18.97 billion in year 2015. Additionally, health insurance represents 51% of total written insurance premiums.
Moreover, the report showed that the underwriting results (operational profits) reached SAR 2,469 million in year 2016 compared to SAR 963 million in the previous year, which shows an improvement in the management of the insurance portfolio. Therefore, the net profits of the sector reached SAR 2,104 million in year 2016 compared to SAR 810 million in the previous year.
Source: Al Watan Online