Saudi insurance per capita spending grew 5% year-on-year (YoY) to SAR 1,105 by the end of 2019, data from the Saudi Arabian Monetary Authority (SAMA) showed.
Health insurance accounted for 59% of total per capita spending last year, followed by general insurance with 38%, as well as protection and savings insurance with 3%.
|
Average Insurance Spending Per Person (SAR) |
||||
|
Year |
Healthcare insurance |
Protection & Saving insurance |
General insurance |
Total |
|
*2010 |
315 |
35 |
244 |
594 |
|
*2011 |
342 |
32 |
278 |
652 |
|
2012 |
386 |
30 |
308 |
724 |
|
*2013 |
430 |
28 |
383 |
841 |
|
2014 |
511 |
29 |
450 |
990 |
|
2015* |
602 |
33 |
523 |
1158 |
|
2016* |
587 |
33 |
541 |
1161 |
|
2017* |
585 |
35 |
502 |
1122 |
|
2018 |
595 |
33 |
420 |
1048 |
|
2019 |
657 |
28 |
420 |
1105 |
*Updated data
Gross written premiums (GWPs) saw an 8% YoY increase to SAR 37.8 billion in the same period.
The health insurance segment’s GWPs stood at SAR 22.47 billion, up 13% YoY. Similarly, general insurance GWPs went up by 2% YoY to SAR 14.36 billion in 2019, while protection and savings insurance premiums registered a 12% YoY retreat.
|
Gross Written Premiums Per Insurance Type in 2019 (SAR bln) |
||||
|
Period |
2018 |
2019 |
Variation value |
Variation % |
|
Protection & Saving insurance |
1.10 |
0.97 |
(0.13) |
(12%) |
|
Healthcare insurance |
19.88 |
22.47 |
+ 2.59 |
+ 13% |
|
General insurance |
14.03 |
14.36 |
+ 0.33 |
+ 2% |
|
Total |
35.01 |
37.81 |
+ 2.80 |
+ 8% |
In the general insurance segment, auto insurance premiums accounted for 59.9%, or SAR 8.6 billion of total GWPs. Anti-fire property insurance came second with 12.8%.
|
General Insurance Performance in 2019 (SAR mln) |
||
|
Activity |
Value |
Percentage to total |
|
Auto insurance |
8603.7 |
59.9% |
|
Property insurance |
1844.6 |
12.8% |
|
Engineering insurance |
1198.4 |
8.3% |
|
Anti-accidents and liability insurance |
844.0 |
5.9% |
|
Energy insurance |
700.4 |
4.9% |
|
Marine insurance |
653.6 |
4.6% |
|
Aviation insurance |
158.5 |
1.1% |
|
Others |
357.7 |
2.5% |
|
Total |
14361.0 |
100% |
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