KSA - SAMA Issues Q2 Report of Year 2020 for Ins. Sector
Friday, 10 02 2020, Category: Islamic Insurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority (SAMA) has announced the release of the second quarterly report of the insurance sector for the year 2020. The report compares the performance of the Insurance Sector during Q2 2020 with the corresponding quarter in the preceding year.
The report shows positive developments during Q2 2020. The Total market GWP grew by over 5% compared to Q2 2019, Net Income for the sector also grew driven by the growth in operating income. In addition, the report highlighted the improvement of Solvency ratio as it reached 172%. The Combined Ratio decreased to reach 87.3%. Loss Ratio for both Health and Motor insurance (the largest lines of business) reduced noticeably.
Source: Saudi Press Agency