look at the insurance market in the saudi arabia

A look at the market insurance in Saudi Arabia:

During the period between 2018 and 2022, it was expected that the insurance market in Saudi Arabia would record a compound growth of up to 3% annually, and the reason for this is due to the significant and significant increase in the number of vehicles after women were allowed to drive.

The total insurance premiums written in the KSA insurance market in 2018

35 billion Saudi riyals, recording a decrease from 2017, which amounted to 36.5 billion Saudi riyals, which represents a decrease of (4.1%) compared to a decrease of (1.0%) in 2017 by 4.5% in 2018, to reach 19.8 billion riyals, up from the year 2017. amounted to 19.0 billion riyals.

The total general insurance premiums for general insurance, which represents 40.1% of the insurance market, decreased by (14.1%) in 2018 to reach 14.0 billion Saudi riyals, down from 2017, when it amounted to 16.3 billion Saudi riyals at the time.

As for vehicle insurance , which represents 68.0% of the total written insurance premiums for general insurance. It decreased by 3.3% to reach 1.1 billion riyals in 2018 compared to a growth rate of 11.1 billion riyals in 2017.

Insurance penetration is defined as the total insurance premiums written divided by the total domestic product. In 2018, insurance penetration decreased to 1.2% from 1.4% in 2017, due to the increase in GDP and the decrease in GDP. Over 5 years, the compound annual growth rate of insurance penetration has been 3%.

The total written insurance premiums in 2018 amounted to 83%, represented by auto insurance and health insurance. Health insurance remained the largest business line in 2018, as it accounted for 56.8% of the total written insurance premiums.

Vehicle insurance in saudi arabia ranked second with a share of 26.9% of the total written insurance premiums, and the total written insurance premiums decreased by (15.4%) in 2018.

It is worth noting that the financial regulator in the Saudi Arabia issued a ban on combining insurance brokerage and reinsurance activities within the same company. And the Saudi Arabian Monetary Agency stated that the rationale behind this step is to develop and increase the stability of the insurance industry in the country, enhance the contribution to the growth of the national economy, and try to eliminate (malpractices) in this industry.

The government lifted the ban on women driving in late 2017

The Saudi Arabian Monetary Agency has sought to make several regulatory reforms to develop and improve supervision to facilitate foreign investment in the insurance industry. In order to further develop the sector, and among the Corporation's plans is to impose a 5-fold increase in the minimum capital requirements for insurance and reinsurance activities to 500 million Saudi riyals.

The most important objectives of cooperative insurance:

The two main objectives of cooperative insurance lie in securing vehicles and protecting the insured from all unexpected and future dangers, God forbid, and returning the insured’s condition to the same condition it was in before the occurrence of the danger, through mutual cooperation between the insured and the concerned institution. The Saudi Central Bank (SAMA) supervises the institutions concerned with issuing cooperative insurance policies to guarantee and preserve the rights of all parties, by establishing the Customer Protection Department, which is responsible for ensuring that customers of Saudi car insurance companies receive fair treatment with transparency, honesty and honesty in all their services, as well as obtaining insurance services and products. With ease, reasonable cost and high quality. We advise you if you decide to purchase a search insurance policy on the Gonsure

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On the platform, the best offers of insurance companies are reviewed and compare vehicle insurance online between them, whether you are looking for a comprehensive insurance policy or an insurance policy against others, then Gonsure It shows you the best car insurance saudi arabia.