Saudi insurance spending per capita hit SAR 1,121 in 2017

Saudi insurance per capita spending dropped 3 percent year-on-year (YoY) to SAR 1,121 by the end of 2017, data from the Saudi Arabian Monetary Authority (SAMA) showed.

Health insurance accounted for 52.2 percent of total per capita spending last year, followed by general insurance (44.7 percent), as well as protection and savings insurance (3.1 percent).

Gross written premiums (GWPs) saw a 1 percent YoY decrease to SAR 36.5 billion in the same period.

The health insurance segment’s GWPs stood at SAR 19.04 billion, up 2 percent YoY, while general insurance GWPs fell by 5 percent YoY to SAR 16.3 billion in 2017. Protection and savings insurance premiums registered a 9 percent YoY rise.

In the general insurance segment, auto insurance premiums accounted for 68 percent, or SAR 11.1 billion of total GWPs. Property and fire insurance came second, with 10.5 percent.