Saudi Arabia – SAR 112 billion insurance claims in 8 years
Thursday, 06 29 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The value of the claims incurred by insurance companies during the past eight years reached SAR 112 billion (USD 30 billion), of which 60% went to health insurance for a total amount of SAR 68.4 billion, followed by general insurance that represents 39% where claims reached SAR 41.6 billion, whereas protection and savings represent one percent of claims that is equivalent to SAR 1.7 billion.
According to the figures of the Saudi Arabian Monetary Authority (SAMA), health insurance represented the leading figures for claims during the past eight years with percentages of about 56%. Health claims reached SAR 3.53 billion in 2009 representing 67% of claims whereas health claims reached SAR 7.4 billion in year 2012. However, the largest health claims were incurred in year 2016 at SAR 14 billion representing 60% of claims last year.
Source: Al Hayat