We have prepared the latest flash report on the basis of reviewed financial information for the three months period ended 31 March 2020, striving to capture pertinent statistics across the industry that are relevant for deeper insights into this vital sector. Please, find below some of key performance highlights:
Gross written premiums of the Saudi insurance industry grew by 6,4% during Q1 2020. Meanwhile, net assets during the year grew by 5.28% to SR 16.25 billion as at 31 March 2020. Overall, the industry continued to be dominated by five insurance companies which between them account for 67.75% of the gross written premiums. Medical insurance was the largest line of business which contributed 60% of the overall gross written premiums, followed by motor which accounted for 21.18% of gross written premiums.
The industry has recently experienced the impact of the Covid-19 outbreak, following the implications on people‘s health and mobility restrictions. This will be part of our analysis for upcoming quarterly reports for the June 2020 results. Stay tuned for more performance reviews and industry insights from the insurance sector in Saudi Arabia, and let us know your feedback.