Insurance Authority Issues Saudi Insurance Market Report for 2024

The Insurance Authority has issued the Saudi Insurance Market Report, which highlights the Insurance sector’s developments and financial performance throughout 2024 and its contribution to the national GDP.
 According to a press release issued by the authority, the insurance sector recorded growth in total written premiums, with notable increases in protection and savings insurance.
 The report revealed an increase in the insurance sector’s contribution to the non-oil GDP, reaching 2.59% in 2024. Additionally, it indicated that the insurance sector achieved profits of SAR3.6 billion in 2024, compared to a net profit of SAR3.2 billion in 2023, driven by improved insurance service results and more substantial investment income.
 The Saudi Insurance Market Report also detailed key regulatory developments, including the issuance of several regulations and the introduction of a standard policy for various insurance products. These efforts align with the authority’s commitment to advancing the sector, enhancing its economic contribution, and prioritizing policyholders.