Saudi Arabia – SAR 11.1 billion motor GWP in 2017
Thursday, 06 07 2018, Category: Insurance and Reinsurance, Country: Saudi Arabia
The cost of the motor insurance contract (policy) decreased by 9.6 percent in year 2017 even though the number of contracts increased by 1.3 percent. Therefore, the motor premiums paid by policyholders (total written premiums) decreased by 8.4 percent.
According to the reporting unit of the “Al Eqtisadia”, which used the statements of the “Saudi Arabian Monetary Authority” (SAMA), the average cost of a motor insurance contract reached SAR 2817 in 2017 compared to SAR 3115 during 2016. This represents a 9.6% decrease that is equivalent to SAR 298 for every contract.
Source: Al Eqtisadia