Saudi insurance companies have recorded gross written premiums (GWPs) of SAR 11.5 billion in the first quarter of 2017, down 2.2 percent year-on-year (YoY), Aljazira Capital said in a report on the Saudi insurance sector.
Net written premiums (NWPs) stood at SAR 9.9 billion, up 3 percent YoY in Q1 2017. Meanwhile, net premium earned (NPE) amounted to SAR 7.4 billion, down 2.4 percent YoY in the first quarter of this year.
Bupa Arabia accounted for 20 percent of Q1 GWPs, followed by Tawuniya (18 percent).
The Saudi insurers recorded a retention ratio of 86.0 percent in Q1 2017, compared to 81.7 percent in Q1 2016.
Bupa Arabia has the highest retention ratio of 99 percent in Q1, followed by Al Rajhi Takaful at 96.4 percent.
The insurers’ gross claims paid (GCPs) stood at SAR 6.4 billion, down by 1.4 percent YoY in Q1 2017. Net claim paid (NCP) in Q1 2017 stood at SAR 5.9 billion, a jump of 0.2 percent YoY.
Bupa Arabia paid the highest claims of SAR 1.5 billion, whereas Aljazira Takaful paid the lowest claims of SAR 7.0 million.
Malath Insurance had the highest loss ratio of 120 percent in Q1 2017, followed by Metlife AIG at 86 percent in Q1 2017.
Saudi insurers made a net combined income of SAR 318.8 million in Q1 2017, versus SAR 285.5 million in Q1 2016, up 11.7 percent.
Tawuniya, recording net income of SAR 142.6 million, contributed 44.7 percent to the sector’s income, up 202 percent YoY.
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