The Saudi Insurance sector reached SAR 18 billion in H1
Monday, 09 07 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
The insurance sector in KSA achieved significant growth during the first half of the current year. The market did not face any difficulties in maintaining a comfortable level of expansion and sustainable development, so it did not face any decrease or possible deficit due to the decrease in oil prices. Total written premiums this year exceeded the level of SAR 18.5 billion with a realized growth of 20% compared to the same period of last year 2014.
According to analysts the oil price decrease will naturally have negative repercussions on numerous sectors starting with petrochemicals. However, the insurance sector will remain unaffected by these implications as it is continuously growing driven primarily by the compulsory insurance lines.
Source: Gulf 24