AI Summary
The per capita spending on insurance in Saudi Arabia grew 10% to SAR 1,200 by the end of 2021, compared with SAR 1,095 a year earlier, data from the Saudi Central Bank (SAMA) showed.
Health insurance accounted for 60% of total per capita spending last year, followed by general insurance with 36%, as well as protection and savings insurance with 4%.
|
Insurance Spending Per Person Since 2010 (SAR) |
||||
|
Year |
Healthcare insurance |
Protection & Saving insurance |
General insurance |
Total |
|
2010 |
244 |
315 |
35 |
594 |
|
2011 |
278 |
342 |
32 |
652 |
|
2012 |
308 |
386 |
30 |
724 |
|
2013 |
383 |
430 |
28 |
841 |
|
2014 |
450 |
511 |
29 |
990 |
|
2015 |
523 |
602 |
33 |
1158 |
|
2016 |
541 |
587 |
33 |
1161 |
|
2017* |
502 |
585 |
35 |
1121 |
|
2018 |
419 |
595 |
33 |
1048 |
|
2019* |
417 |
657 |
33 |
1107 |
|
2020 |
414 |
645 |
36 |
1095 |
|
2021 |
435 |
717 |
49 |
1200 |
*Updated data
Gross written premiums (GWPs) saw an 8% year-on-year (YoY) increase to SAR 42.03 billion in the same period.
The health insurance’s GWPs stood at SAR 25.11 billion, up 10% YoY. Similarly, general insurance GWPs went up by 4% YoY to SAR 15.21 billion in 2021. Protection and savings insurance premiums also saw 35% YoY growth.
|
Gross Written Premiums Per Insurance Type in 2021 (SAR bln) |
||||
|
Period |
2020 |
2021 |
Change value |
Change % |
|
Healthcare insurance |
22.87 |
25.11 |
+2.24 |
+10% |
|
General insurance |
14.68 |
15.21 |
+0.53 |
+4% |
|
Protection & saving insurance |
1.26 |
1.71 |
+0.45 |
+35% |
|
Total |
38.78 |
42.03 |
+3.25 |
+8% |
In the general insurance segment, auto insurance premiums accounted for 53.7%, or SAR 8.2 billion, of total GWPs. Anti-fire property insurance came second with 15%.
|
General Insurance Performance in 2021 (SAR mln) |
||
|
Activity |
Value |
Percentage to total |
|
Auto insurance |
8162.6 |
53.7% |
|
Property insurance |
2282.1 |
15.0% |
|
Anti-accidents and liability insurance |
1586.4 |
10.4% |
|
Energy insurance |
1295.3 |
8.5% |
|
Engineering insurance |
1002.0 |
6.6% |
|
Marine insurance |
696.3 |
4.6% |
|
Aviation insurance |
189.1 |
1.2% |
|
Total |
15213.9 |
100% |
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