Saudi insurance spending per capita hit SAR 1,161 in 2016

Saudi insurance per capita spending rose 1 percent year-on-year (YoY) to SAR 1,161 by the end of 2016, data from the Saudi Arabian Monetary Authority (SAMA) showed.

Health insurance accounted for 51 percent of total per capita spending, followed by general insurance (46 percent), as well as protection and savings insurance (2 percent).

Gross written premiums (GWPs) saw a 1 percent YoY increase to SAR 36.9 billion in the same period.

The health insurance segment’s GWPs stood at SAR 18.6 billion, down 2 percent YoY, while general insurance GWPs grew by 4 percent YoY to SAR 17.2 billion in 2016.

Protection and savings insurance premiums registered a 1 percent YoY rise.

In the general insurance segment, auto insurance premiums accounted for 71 percent, or SAR 12.2 billion of total GWPs. Property and fire insurance came second, with 11 percent, and engineering insurance accounted for 5 percent.