Saudi Arabia - 27% increase in insurance policies
Saturday, 05 16 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Insurance companies in Saudi Arabia issued about 7.64 million insurance policies last year, compared to 6.01 million policies in 2018, registering a growth of 27 percent, the highest growth in four years, specifically since 2015.
According to the analysis of the reports unit in the “Al-Iqtisadiah” newspaper, based on the financial statements of insurance companies listed in the Saudi stock market and SAMA data, the number of documents issued in 2019 is the second highest recorded since 2009, while 2015 issued by 8.12 million Insurance policy.
The average cost of the “vehicle” insurance policy decreased for the third year in a row, as it decreased in 2019, 21.5%, in 2018, 22.1%, and in 2017, 9.6%.
The average cost of the vehicle insurance policy in 2019 was about 1722 riyals, which is the lowest level since 2013, which averaged around 1702 riyals at the time.