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News & Events >> Saudi insurance premiums hit SR112bn in 5 years

Date: 15 April 2015

The volume of spending on insurance (subscribed premiums) in the Kingdom totaled SR111.8 billion in the last five years, according to a financial report.

The subscribed premiums in the Saudi insurance market were the highest in 2014, at SR30.5 billion compared to SR25.2 billion in 2013, or an increase of 21 percent, the report, filed and analyzed by AI- Eqtisadiah daily, said.

According to the report, medical insurance captured the lion's share of the Saudi insurance market in the past five years at the value of SR58.3 billion, or 52 percent of the market, followed by vehicle insurance sector at SR26.2 billion,or 23.5 percent.

Insurance on property was the third largest sector in five years at SR7.1 billion (6 percent), followed by engineering sector at SR5.5 billion (5 percent), savings sector at SR4.5 billion (4 percent), accidents and liabilities at SR3.9 billion (3.5 percent).

Insurance on marine, energy and aviation sectors were the least spending in five years at SR3.4 billion, SR2 billion and SR928 million, respectively, at rates ranging between 3-1 percent, the report said.
As regards insurance activities in 2014, the share of auto insurance increased to 26.3 percent in 2014 compared to 25.2 percent in 2013 whereas the share of medical insurance jumped to 51.6 percent compared to 51.1 percent.

In terms of growth rates in 2014,vehicle insurance was the highest at 22 percent to reach SRB billion compared to SR6.4 billion in 2013, followed by medical insurance at 22 percent (SR15.7 billion compared to SR12.9 billion),engineering at 20 percent (SR1.4 billion compared to SR1.2 billion), property at 15.5 percent (SR1.9 billion compared to SR1.7 billion), accidents and liabilities at 15 percent (SR1.1 billion compared to SR941 million),the report said.

On the other hand, insurance on marine and savings grew by 10 percent and 7 percent to reach SR811million and SR904 million, respectively, while insurance activity on energy and aviation sectors dropped by 3 percent for each to reach SR443 million and SR140

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