Saudi Press

Saudi Arabia and the world
Monday, Jun 02, 2025

Insurance sector in Saudi Arabia grew 26.9% in 2022: SAMA   

Insurance sector in Saudi Arabia grew 26.9% in 2022: SAMA   

The insurance sector in Saudi Arabia witnessed a 26.9 percent growth in 2022 compared to a rise of 8.4 percent in 2021, reflecting the Kingdom’s efforts toward developing the sector.
The total written premium in 2022 stood at SR53 billion ($14.1 billion), up from SR42 billion the year prior, according to the 16th annual report on the insurance market released by the Saudi Central Bank, also known as SAMA.

At the forefront of the sector’s development were health insurance, protection and savings insurance, and motor insurance, reported the bank.

Health insurance, which is still the largest line of business, witnessed a growth rate of 26.8 percent. On the other hand, protection and saving insurance, the smallest line of business, fell from 4.1 percent in 2021 to 3.5 percent last year.

The industry’s positive trend showcases SAMA’s efforts to improve the sector’s efficiency and economic impact through major regulatory developments throughout the year.

In 2022, “the Central Bank … issued several rules and standard policies to accommodate the development in the sector and economy,” noted the report.

These include the Comprehensive Motor Insurance Rules, the Standard Insurance Policy on Domestic Workers Contract, and the supervision of the standard insurance policy of professional indemnity for auditors of the entities by the Capital Market Authority.

The developments also included “the council of ministers’ decision to include more professions on the mandatory medical malpractice insurance,” according to the report.

The report further stated that the insurance sector’s contribution to non-oil gross domestic product rose slightly by 0.18 percent to 2.09 percent. In comparison, the overall loss ratio stayed the same at 83.4 percent.

The net profit in the insurance sector after zakat and tax stood at SR689 million in 2022, compared to a net loss of SR47 million in the previous year.

The Saudization ratio in the insurance sector rose to 79 percent last year from 77 percent in 2021, added SAMA.

In 2022, there were two mergers in the insurance industry – Arabian Shield and Alahli Takaful, and Walaa and Sabb Takaful.

These unions were consistent with the bank’s efforts to promote mergers and acquisitions to have fewer, stronger companies that can deliver in accordance with the financial sector development program and meet the goals of Vision 2030.

SAMA added: “This will also improve the level of protection offered to policyholders, enhance customer services, benefit from economies of scale, promote creativity in insurance product design and attract and retain talented resources.”
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
×