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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