Insurance spending per capita hits SAR 991 in 2014: Saudi cbank

Saudi insurance per capita spending jumped 14.7 percent year-on-year to SAR 991 at the end of 2014, according to the central bank’s annual report.

Health insurance accounted for 52 percent of that amount; general insurance represented 45 percent, while protection and savings insurance made up 3 percent of spending.

The figures also showed a 21 percent year-on-year rise in gross premiums written which reached SAR 30.5 billion in 2014.

In addition, the health insurance segment of the market grew 22 percent last year, while its gross written premiums hit SAR 15.7 billion, compared to SAR 13 billion in 2013.

Meanwhile, general insurance premiums also increased by 21 percent year-on-year to SAR 13.9 billion, measured against SAR 11.5 billion in 2013.

Protection and savings insurance premiums grew by seven percent last year.

Gross premiums written within general insurance included auto insurance (58 percent, or SAR 8.03 billion), property and fire insurance (14 percent), as well as engineering insurance (10 percent).