Saudi Arabia – 1.3 million contracts in Q2 2017
Monday, 11 20 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The number of insurance contracts issued by Saudi insurance companies at the end of the second quarter of year 2017 decreased to 1.3 million contracts compared to 1.98 million contracts by the end of the second quarter of year 2016, which is a 34% decrease. Moreover, 1.72 million contracts were issued in the first quarter of year 2017, so the decrease reached 24% in Q2 2017.
According to the statistics of the Saudi Arabian Monetary Authority (SAMA), general insurance was the leading branch with 68% of the total number of contracts in the second quarter of 2017, which is equivalent to 886 thousand contracts compared to 1.08 million contracts by the end of the second quarter of year 2016, which represents an 18% decrease. Moreover, 1.14 million contracts were issued at the end of the first quarter of year 2017, so the number of contracts issued decreased by 22% in the second quarter.
Source: Al Hayat