KSA – 27.5$ billion claims paid in 5 years
Saturday, 02 03 2018, Category: Insurance and Reinsurance, Country: Saudi Arabia
The total claims paid by insurance companies in Saudi Arabia during the past 5 years reached SAR 103 billion (USD 27.5 billion), which are distributed over 3 main branches: general insurance, health insurance, protection and savings. The health insurance sector represented 61% of claims i.e. SAR 62 billion, followed by general insurance with 37% of claims or SAR 38 billion and finally protection and saving with 2% of claims i.e. SAR 2.5 billion.
Moreover, the total claims reached SAR 5.77 during the third quarter of last year compared to SAR 5.17 billion during the third quarter of 2016 and SAR 5.88 billion during the second quarter of year 2017. The contribution of the health insurance sector to claims reached 63.5% during the third quarter of year 2017 i.e. SAR 3.7 billion compared to SAR 3.23 billion in the third quarter of year 2016 and SAR 3.73 billion in the second quarter of year 2017.
Source: Al Hayat