Saudi Insurance Sector grew 8.4% in 2021 – SAMA

The Saudi Central Bank (SAMA) has released the insurance sector’s 15^th annual report for 2021 that accentuates and compares the insurance sector performance during 2021 to the previous year.

According to the report, the Saudi insurance sector showed positive developments during 2021, the gross subscribed premiums grew by 8.4% to reach SR 42 billion.

It added that the core insurance declined slightly to 1.91% of the non-oil Gross Domestic Product (GDP), while total loss of the sector rose from 76.7% in 2020 to 83.4% in 2021.

SAMA revealed that the Saudi insurance sector lost SR 47 billion last year compared to a net profit of SR 1.38 billion in 2020.