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FinancialNews


  • 28-12-22

    KSA’s insurance industry continues topline expansion in 2022

    (MENAFN) Insurance firms in Saudi Arabia carried on their topline expansion momentum this year with total Gross Written Premiums 26.8 percent higher on a yearly basis in the July-September period, as said by KPMG.

    The international accounting company records the nation’s GWP number at SR39.28 billion (USD10.45 billion) for the three months to the close of September, with motor and medical segments heading the expansion list with 78 percent as well as 66 percent individually.

    KPMG estimate a parallel trend for the whole period of this year, as the volatility in the insurance market comparative outcomes, which were noticeable until the first 6 months of 2022, have been stable now in terms of the loss ratios as well as the net income following zakat and tax.

    The industry-wide decrease ratios and net income following zakat and tax stand at 81.79 percent and SR566.12 million as of the end of the July-September period of 2022, in comparison with 81.36 percent and SR 533.84 million around the same time of last year.

    MENAFN28122022000045014228ID1105360056

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