25 April 2024

Insurance Authority issued the Saudi Insurance Market Report for 2023

CEO Naji
The Insurance Authority has issued the Saudi Insurance Market Report for Year 2023 which highlights the insurance sector’s performance and contribution to the Kingdom's GDP. The insurance sector grew in gross written premiums. Motor insurance, Health insurance, Protection and Savings insurance, recorded significant increases in gross written premiums.

In addition, the share of online sales showed a positive increase. The penetration ratio to non-oil GDP increased to 2.38% in 2023. The report further highlights significant increase in insurance operations income, with net profit reaching SAR 3.2 billion in 2023 compared to a net profit of SAR 244 million in 2022.

Regulatory developments in the insurance sector are also highlighted, notably the issuance of regulations and the development of standard insurance policies. These developments indicate a positive trend in the insurance sector and align with IA's endeavors to enhance the sector’s performance and economic impact, while ensuring protection of policyholders and fair pricing of insurance products.

The 2023 Saudi Insurance Market Report is available on IA website.