Saudi Gazette report
RIYADH — The insurance sector in Saudi Arabia grew 2.3 percent in 2030 with total written premiums reaching SR38.78 billion, according to the Saudi Central Bank (SAMA) 14th annual report on the Saudi insurance market, issued on Thursday.
The report highlights the performance of the insurance sector in Saudi Arabia in 2020 and the sector’s contribution to the Kingdom’s gross domestic product (GDP).
Energy and Accident & Liability insurance classes showed a notable increase in written premiums. The penetration ratio of the sector increased from 1.3 percent in 2019 to 1.5 percent in 2020. In terms of