Saudi ins. spending per capita hits SAR 1,105 in 2019
Tuesday, 05 19 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Saudi insurance per capita spending grew 5% year-on-year (YoY) to SAR 1,105 by the end of 2019, data from the Saudi Arabian Monetary Authority (SAMA) showed.
Health insurance accounted for 59% of total per capita spending last year, followed by general insurance with 38%, as well as protection and savings insurance with 3%.
Gross written premiums (GWPs) saw an 8% YoY increase to SAR 37.8 billion in the same period.
The health insurance segment’s GWPs stood at SAR 22.47 billion, up 13% YoY. Similarly, general insurance GWPs went up by 2% YoY to SAR 14.36 billion in 2019, while protection and savings insurance premiums registered a 12% YoY retreat.