According to a report published by Saudi Arabian Monetary Agency (SAMA), the Saudi insurance market generated in 2014, a turnover of 30.5 billion SAR (8.1 billion USD) up by 20.8% compared to 2013. The production of insurers is dominated by non life business which represents 97% of written premiums against 3% for life insurance. These shares correspond to respective amounts of 29.6 billion SAR (7.9 billion USD) and 904 million SAR (241 million USD).
Still according to the report, the non life class of business is mainly driven by compulsory insurance. With a total amount of 15.72 billion SAR (4.2 billion USD), the health accounted for 52% of the overall premiums, followed by motor insurance which totaled 26% of non life market share with 8.02 billion SAR (2.1 billion USD) in premiums.
NB: growth rates calculated in local currency.