Insurance Authority issued the Saudi Insurance Market Report for 2023
هيئة التأمين تُصدر التقرير السنوي عن سوق التأمين في المملكة
The Insurance Authority issued its annual report on the Saudi insurance market, covering sector developments and financial results for 2023, including its contribution to the Kingdom's GDP. The report noted growth in total written premiums, with notable increases in motor, health, and protection and savings insurance, a rise in the share of electronic sales, and insurance sector depth reaching 2.38 percent of non-oil GDP in 2023. Sector profits reached SAR 3.2 billion in 2023, compared to net profit of SAR 244 million in 2022, attributed to improved insurance service results and investment income. The report also highlighted regulatory developments, including the issuance of a number of regulatory rules and the introduction of standard templates for several insurance products.
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