The insurance sector in Saudi Arabia grew 8.4 percent in 2021, according to the 15th annual report on the insurance market released by the Saudi Central Bank, also known as SAMA.
According to the report, the total written premium in 2021 stands at SR42 billion (11.2 billion).
The report further stated that the contribution of insurance sector to non-oil GDP decreased slightly by -0.01 percent to reach 1.91 percent, while the overall loss ratio increased to reach 83.4 percent in 2021 compared to 76.7 percent in 2020
The net loss in the insurance sector after zakat and tax now stands at SR47 million in 2021 compared to a net profit of SR1.38 billion in the previous year.
The report added that the increase in investment income helped offset the impact of operational losses.
