01 January 2024

Insurance Authority: Saudi Insurance Sector Witnesses 14.6% Growth in Q3 2023

The Insurance Authority (IA) has issued its report on the performance of the Insurance Sector in the Kingdom. The report highlights the Insurance Sector's performance and contribution to the Kingdom's GDP. This report follows the Insurance Authority’s commitment to promote transparency and provide precise up-to-date insights into the Insurance Sector’s performance. Key highlights from the report reveal gross written premiums (GWP) growth of 14.6% in Q3 2023, reaching SAR 14.9 billion compared to SAR 13 billion in Q3 2022. Motor, Health, and Property insurance segments contributed to this appreciable increase. The overall Loss Ratio has also decreased from 81.6% in Q3 2022 to 80.7% in Q3 2023. Income from Insurance Operations witnessed a substantial growth, with Net Profit after Zakat and Tax reaching SAR 869.6 million in Q3 2023 compared to SAR 370.6 million in Q3 2022. In addition, Insurance Service Result increased from SAR 255 million in Q3 2022 to SAR 693.2 million in Q3 2023. Net Investment Income has also increased from SAR 314 million in Q3 2022 to SAR 543.9 million in Q3 2023. To view the detailed Saudi Insurance Market Report, please refer to the IA’s official website.