SAMA announces the release of the first quarterly report of the insurance sector for the year 2021. The report compares the performance of the Insurance Sector during Q1 2021 with the corresponding quarter in the preceding year.

Overall the sector showed positive developments during Q1 2021. The Net Income for the sector grew 23% driven by a 22.5% growth in investment income from 180 Million SAR in first quarter of 2020 to 279 Million SAR in Q1 2020. Despite a small, increase of 0.4% in the Gross Written Premiums, which reached 12.8 billion SAR, Property and Protection and saving insurance classes witnessed 11% and 26% growth in written premiums respectively. The Solvency ratio improved by 23 percentage points to reach 180%. The report also highlight the increase in retention rate and the improvement of Loss Ratio for Motor insurance. SAMA's report can be viewed on (link).