Saudi Arabia – Motor premiums decrease by 3.2% in Q1
Saturday, 06 03 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The total motor insurance premiums decreased in the first quarter on an annual basis. Premiums in Q1 2017 reached SAR 4.3 billion compared to SAR 4.4 billlion in Q1 2016 decreasing by 3.2% with a difference of SAR 142.9 million thereby continuing the negative trajectory growth for the third consecutive quarter.
According to the analysis of the reporting unit of “Al Eqtisadiah” newspaper based on the statistics of the Saudi Arabian Monetary Authority “SAMA”, the growth was negative for the third consecutive quarter on an annual basis. This follows 6 years of continuous positive growth starting from the first quarter of year 2010.
Growth was negative in the fourth quarter of last year, where the negative growth was at -8.4% compared to the same period in the previous year when premiums reached SAR 2.1 billion compared to SAR 2.29 billion a year earlier.
Source: Al Eqtisadiah