|
In 2008, the insurance market in Saudi Arabia witnessed a strong growth, with gross written premiums reaching SR 10.9 Billion, up from SR 8.6 Billion in 2007. This represents an increase of 27%, compared to 24% in 2007.
– General insurance gross written premiums, which represents 51% of the insurance market, increased by 6.3% to SR 5.5 Billion in 2008 compared to SR 5.2 Billion in 2007. Motor insurance constitutes 46% of the total General insurance business underwriting SR 2.5 Billion in 2008.
– Health insurance gross written premiums, which represents 44% of the insurance market, increased by 57% to SR 4.8 Billion in 2008 compared to SR 3.1 Billion in 2007.
– Protection & savings insurance gross written premiums, which represents 5% of the insurance market, increased by 82% to SR 0.59 Billion in 2008 compared to SR 0.33 Billion in 2007.
As of end of December 208, 19 insurance companies are fully licensed to operate in the Kingdom. In addition, 8 insurance companies have obtained the approval from the Council of Ministers and 7 are under the process of licensing at the Ministry of Commerce and Industry. 21 insurance companies are listed on the Saudi stock market.
|
