SAMA: Insurance Sector Grew by 26.9% in 2022
The Saudi Central Bank (SAMA) issued the 16th Saudi insurance market annual report. The report highlights the insurance sector's performance and contribution to the Kingdom's GDP in 2022
According to the report, the insurance sector grew by 26.9% in 2022, bringing gross written premiums to SAR 53 billion. Health insurance, protection and savings insurance, and motor insurance recorded significant increases in gross written premiums. The penetration ratio to non-oil GDP increased from 1.91% in 2021 to 2.09% in 2022. The overall loss ratio remained unchanged at 83.4% in 2022.
The report shows the rise in insurance operations income, with net profit reaching SAR 689 million in 2022 compared to a net loss of SAR 47 million in 2021. In addition, Saudization ratio in the sector increased from 77% in 2021 to 79% in 2022.
The report highlights regulatory developments in the insurance sector, notably the issuance of regulations and the development of standard insurance policies. These developments indicate a positive trend in the insurance sector, which is reflective of SAMA's endeavors to enhance the sector's performance and its economic impact, while protecting policyholders' interests and emphasizing fair pricing of insurance products.
The 2022 Saudi Insurance Market Report is available on SAMA's official website (link).