SAMA announces the release of the third quarterly report of the insurance sector for the Year 2020. The report highlights the performance of the Insurance Sector during Q3 2020 in comparison with the corresponding quarter in the preceding year. This step comes as part of the Central Bank's commitment to provide accurate and up-to-date information on the performance of the insurance sector in the Kingdom of Saudi Arabia.

According to the report, the sector showed positive developments during Q3 2020. Despite a small reduction of 0.4% in the Gross Written Premiums reaching 8.8 billion SAR, the Net Income for the sector grew by 1.9% driven by a 22.5% growth in Operating Income. In addition, the Solvency Ratio improved by 31 percentage points to reach 178%. The Combined Ratio decreased reaching 97%. Loss Ratio for Motor insurance reduced noticeably. SAMA's report can be viewed on (link).