KSA - SAMA: 172% improvement in ins. Solvency
Saturday, 10 03 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Agency (SAMA) announced an improvement in the solvency margin of the insurance sector, reaching 172%, in addition to a growth of the total written premiums by more than 5% compared to the second quarter of 2019, with the increase in the net income of the sector driven by the increase in the income of insurance operations, According to the quarterly report issued by SAMA regarding the performance of the insurance sector during the second quarter of this year 2020, which highlights the results related to this quarter and compares them with the sector’s performance in the same quarter of the previous year. The report indicated a decrease in the combined rate to 87.3%, and a decline in loss rates for both health and motor insurance, which represent the largest share of the insurance sector.
This step comes as part of the Monetary Agency’s commitment to providing accurate and up-to-date information on the performance of the insurance sector in Saudi Arabia.