SAMA: Saudi insurance industry’s overall premium in Q3 surges 31.9 percent to USD3.46B
Date
12/20/2022 1:02:22 AM
(MENAFN) Saudi Arabia’s insurance industry registered a 31.9 percent surge in its overall gross written payments to SR13 billion (USD3.46 billion) in the July-September period of this year in comparison with the same quarter in 2021, as shown by the latest report issued by the Saudi Central Bank, also known as SAMA.
Gross written premiums are the overall premiums an insurer marks throughout a precise time span amid reductions for expenses including ceding and commissions, and its surge indicates a total improvement of the industry.
Jarmo Kotilaine, an economist and expert, concentrating on the Gulf area, informed Arab News that the surge in the nation’s total GWP is not essentially associated to the economic performance of individual firms.
“Obviously, the companies have benefited from the more benign economic environment and the reduction in risks post-COVID. But the sector is diverse and still quite fragmented. The performance of individual companies varies. This is part of the reason why SAMA has been pushing for consolidation for a long time,” as stated by Kotilaine.
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