KSA Insurance Industry Report 2021

The KSA Insurance Industry Report 2021 provides a market overview of 29 companies listed on the Saudi Stock Exchange Tadawul. The gross written premium grew 9.6% to SAR 41.9 billion during 2021, following an increase of 1.4% in 2020. The increase in premiums is attributed to higher volumes due to easing COVID-19 restrictions. This resulted in strong recovery in 2021, with higher oil prices and a rebounding economy.

Total assets of the companies were SAR 68.7 billion – an increase of 4.8% during 2021. Net profits of the companies took a huge hit, falling sharply from SAR 1.45 billion in 2020 to a loss of SAR 43.7 million in 2021. The main driver was a noticeable increase in motor and medical claims, as the business transitioned from COVID-19 to more normal levels. The report includes details behind this increase, as well as a deep dive into market statistics to unveil the latest trends.