Saudi ins. sector expected to reach $12.8 B by 2024
Wednesday, 03 25 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Alpen Capital expects the Saudi insurance sector to grow to 48 billion riyals ($ 12.8 billion) by 2024, with a compound annual average growth rate of 5% between 2019 and 2024.
The total written premiums within the insurance sector increased by 2.5% during the third quarter of 2019, to reach about 8.88 billion riyals, compared to 8.66 billion riyals during the corresponding quarter of 2018, according to data SAMA.
During the third quarter, the insurance sector companies registered net profit before Zakat to 389.6 million riyals, which is the highest quarterly profit since the second quarter of 2018 amounting to 461.6 million riyals, according to company data on Saudi Stock Exchange “Tadawul”.
The corporate profits recorded a growth of 37.1 million riyals and a rate of 10.5% during the third quarter of 2019, compared to the profits of the third quarter of last year of 352.5 million riyals.