The Saudi Arabia Insurance Authority has published its 2024 market report, showing growth in total written premiums and an increase in the sector’s contribution to non-oil gross domestic product to 2.59%. Protection and savings insurance recorded notable premium growth. Sector profit rose to SAR 3.6 billion from SAR 3.2 billion in 2023, driven by improved insurance service results and stronger investment income. The report also covers new regulations and the introduction of a standard policy for various insurance products.
2025-05-07Saudi Arabia Insurance Authority
Saudi Arabia Insurance Authority reports 2024 sector profit of SAR 3.6 billion and higher non-oil GDP contribution
The Saudi Arabia Insurance Authority reported that sector profit rose to SAR 3.6 billion in 2024 from SAR 3.2 billion in 2023, while its contribution to non-oil GDP reached 2.59%. Total written premiums grew, with notable increases in protection and savings insurance.