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

16/05/2023 Argaam Special


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%.

 

Per Capita Spending on Insurance Since 2010 (SAR)

Year

General insurance

Health insurance

Protection & Savings insurance

Total

2010

244

315

35

594

2011

278

342

32

652

2012

308

386

30

724

2013

383

430

28

841

2014

450

511

29

990

2015

523

602

33

1,158

2016

541

587

33

1,161

2017

502

585

35

1,121

2018

419

595

33

1,048

2019

417

657

33

1,107

2020

414

645

36

1,095

2021

435

717

49

1,200

2022

576

933

55

1,564

 

 

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.

 

GWPs Per Insurance Type in 2022 (SAR bln)

Period

2021

2022

Change value

Change (%)

Healthcare insurance

25.11

31.83

+ 6.72

+27

General insurance

15.21

19.65

+ 4.44

+29

Protection & savings insurance

1.71

1.87

+ 0.16

+9

Total

42.03

53.36

+ 11.33

+27

 

 

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%.

 

General Insurance Performance in 2022 (SAR mln)

Activity

Value

Percentage to total

Auto insurance

10,340.6

52.6 %

Anti-accidents and liability insurance

2,675.7

13.6 %

Property insurance

2,463.1

12.5 %

Energy insurance

1,652.7

8.4 %

Engineering insurance

1,593.8

8.1 %

Marine insurance

692.3

3.5 %

Aviation insurance

234.6

1.2 %

Total

19,652.8

100 %

 

Details and Historical Data of the Insurance Sector

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.