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).
|
Average Insurance Spending Per Person |
||||
|
Year |
Healthcare insurance |
Protection & Saving insurance |
General insurance |
Total |
|
2010 |
320 |
36 |
248 |
604 |
|
2011 |
358 |
33 |
291 |
682 |
|
2012 |
387 |
30 |
308 |
725 |
|
2013 |
442 |
29 |
394 |
864 |
|
2014 |
511 |
29 |
450 |
991 |
|
2015* |
612 |
22 |
488 |
1,122 |
|
2016* |
586 |
37 |
547 |
1,170 |
|
2017* |
585 |
37 |
502 |
1,124 |
|
2018 |
595 |
30 |
420 |
1,045 |
*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.
|
Gross Written Premiums Per Insurance Type |
||||
|
Period |
2017 |
2018 |
Variation value |
Variation % |
|
Protection & Saving insurance |
1.21 |
1.01 |
(0.20) |
(16.5%) |
|
Healthcare insurance |
19.04 |
19.88 |
+ 0.84 |
+4.5% |
|
General insurance |
16.35 |
14.03 |
(2.32) |
(14.2%) |
|
Total |
36.60 |
34.92 |
(1.68) |
(4.6%) |
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.
|
General Insurance Performance in 2018 (SAR mln) |
||
|
Activity |
Value |
Percentage to total |
|
Auto insurance |
9,423.3 |
67.2 % |
|
Anti-fire property insurance |
1,697.9 |
12.1 % |
|
Anti-accidents and liability insurance |
1,001.3 |
7.1 % |
|
Engineering insurance |
701.7 |
5.0 % |
|
Marine insurance |
544.6 |
3.9 % |
|
Energy insurance |
511.5 |
3.6 % |
|
Aviation insurance |
148.0 |
1.1% |
|
Total |
14028.4 |
100% |
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