Riyadh, January 1, 2024, The Insurance Authority (IA) has released its inaugural report on the performance of the Insurance Sector in the Kingdom for the third quarter of 2023. The report provides a comprehensive overview of the sector's developments, financial results, and its contribution to the Kingdom's gross domestic product (GDP), emphasizing transparency and accuracy in the information presented.
According to the report, the third quarter of 2023 saw a noteworthy 14.6% growth in gross written premiums (GWP), reaching SAR 14.9 billion, compared to SAR 13 billion in the same period of 2022. This growth was primarily attributed to contributions from the motor, health, and property insurance segments.
The report highlights a 2.2% increase in the insurance sector's penetration ratio to non-oil GDP in the third quarter of 2023, compared to 2.1% in the corresponding period of 2022, driven by the increase in GWP. Additionally, the overall loss ratio demonstrated a decrease from 81.6% in the third quarter of 2022 to 80.7% in the third quarter of 2023.
IA reported that the sector's net income reached SAR 869.6 million in the third quarter of 2023, a substantial increase from SAR 370.6 million in the third quarter of 2022. This improvement was attributed to increased insurance services, rising from SAR 255 million in the third quarter of 2022 to SAR 693.2 million in the third quarter of 2023. Furthermore, net investment income rose from SAR 314 million to SAR 543.9 million.
The Saudi insurance market report is available on the Insurance Authority's official website, providing stakeholders and the public with access to valuable insights into the sector's performance.
