Saudi insurance sector records $960m profit in 2024

The Insurance Authority has issued the Saudi Insurance Market Report, which highlights the Insurance sector’s developments and financial performance throughout 2024 and its contribution to the national GDP.

According to the authority, the insurance sector recorded growth in total written premiums, with notable increases in protection and savings insurance.

The report revealed an increase in the insurance sector’s contribution to the non-oil GDP, reaching 2.59 per cent in 2024.

Saudi insurance sector

Additionally, it indicated that the insurance sector achieved profits of SR3.6bn ($960m) in 2024, compared to a net profit of SR3.2bn ($853m) in 2023, driven by improved insurance service results and more substantial investment income.

The Saudi Insurance Market Report also detailed key regulatory developments, including the issuance of several regulations and the introduction of a standard policy for various insurance products.

These efforts align with the authority’s commitment to advancing the sector, enhancing its economic contribution, and prioritising policyholders.