Saudi insurance spending per capita rises to SAR 1,564 in 2022

Per capita spending on insurance in Saudi Arabia grew 30% to SAR 1,564 by the end of 2022, compared with SAR 1,200 a year earlier, data from the Saudi Central Bank (SAMA) showed.

The per capita insurance spending is defined as the gross written premiums (GWPs) during the year divided by population number.

Health insurance accounted for 60% of total per capita spending in the sector last year, followed by general insurance with 37%, as well as protection and savings insurance with 3%.

GWPs saw a 27% year-on-year (YoY) increase to SAR 53.4 billion last year.

The health insurance’s GWPs stood at SAR 31.8 billion in 2022, up 27% from SAR 25.11 million in 2021. Similarly, general insurance GWPs went up by 29% YoY to SAR 19.7 billion in 2022. Protection and savings insurance premiums also saw 10% YoY growth.

In the general insurance sector, auto insurance premiums accounted for 53%, or SAR 10.3 billion, of total. Anti-accidents and liability insurance came second with 14%.

Details and Historical Data of the Insurance Sector