Saudi insurance spending per capita hit SAR 1,045 in 2018

Saudi insurance per capita spending dropped 7 percent year-on-year (YoY) to SAR 1,045 by the end of 2018, data from the Saudi Arabian Monetary Authority (SAMA) showed.

Health insurance accounted for 57 percent of total per capita spending last year, followed by general insurance (40 percent), as well as protection and savings insurance (3 percent).

*Updated data

Gross written premiums (GWPs) saw a 5 percent YoY decrease to SAR 34.9 billion in the same period.

The health insurance segment’s GWPs stood at SAR 19.88 billion, up 4.5 percent YoY, while general insurance GWPs fell by 14.2 percent YoY to SAR 14.03 billion in 2018. Protection and savings insurance premiums registered a 16.5 percent YoY retreat.

In the general insurance segment, auto insurance premiums accounted for 67.2 percent, or SAR 9.4 billion of total GWPs. Property and fire insurance came second with 12.1 percent.