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16-05-23

Saudi Arabia's Insurance Sector Achieves Strong Growth in 2022, Reflecting Development Efforts

(MENAFN) Saudi Arabia's insurance sector experienced significant growth in 2022, marking a positive development in the country's efforts to enhance the industry. According to the 16th annual report released by the Saudi Central Bank (SAMA), the sector witnessed a notable increase of 26.9 percent, compared to an 8.4 percent rise in 2021. The total written premium for 2022 amounted to SR53 billion (USD14.1 billion), reflecting a substantial surge from the previous year's SR42 billion.

Key areas driving the sector's growth were health insurance, protection and savings insurance, and motor insurance, as highlighted by SAMA. Health insurance, being the largest line of business, experienced a growth rate of 26.8 percent. Conversely, protection and savings insurance, the smallest line of business, saw a decline from 4.1 percent in 2021 to 3.5 percent in 2022.

The positive trajectory of the insurance industry underscores the efforts of SAMA in improving the sector's efficiency and economic impact through significant regulatory developments throughout the year. The central bank issued various rules and standard policies to accommodate the sector's growth and align with the changing economic landscape. Noteworthy regulatory measures introduced in 2022 include the Comprehensive Motor Insurance Rules, the Standard Insurance Policy on Domestic Workers Contract, and the supervision of the standard insurance policy of professional indemnity for auditors of entities by the Capital Market Authority.
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