October 27, 2021

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Saudi insurance sector marks 26.8 percent decrease in gross written premiums

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(MENAFN)As reported by official data, Saudi Arabia’s insurance sector marked a 26.8 percent decrease in gross written premiums in the April-June period of 2021.

The total written premiums decreased to SR9.37 billion (USD2.49 billion) from SR12.8 billion in the preceding quarter, according to the Saudi Central Bank’s monthly report.

A notable improvement in written premiums was shown by Energy insurance class as the sharpest drop in gross and net written premiums was recorded in aviation, engineering, property, and motor policies. However, overall net claims stayed steady in both quarters at around SR6.46 billion.

The total number of insurance policies dropped by 13.45 percent in the second three months of 2021 to reach SR2.08 million compared with SR2.4 million in the first three months of 2021.

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