The Saudi Arabian Monetary Authority (SAMA) is pleased to release its first quarterly report of the insurance sector for the year 2020. SAMA intends to release the aforementioned report annually. Simultaneously, SAMA shall continue publishing the key performance indicators of the sector at a quarterly basis starting of this quarter. The Q1 report compares the quarterly performance of the insurance sector with the corresponding quarter in the preceding year. The step comes in line with SAMA's commitment to provide accurate and updated data regarding the insurance sector performance in the Kingdom.
The report pointed to a number of positive developments during Q1 2020. The top line grew by over 6% compared to Q1 2019, Combined Ratio fell below 100% unlike in Q1 2019, Loss Ratio for Health insurance (the largest line of business) reduced noticeably, and Solvency Ratio improved too. On the other hand, Loss Ratio for Motor insurance increased as competition continues to intensify, and Net Income for the sector reduced, driven by a fall in investment income.
SAMA's report can be viewed on (link).