The Saudi Insurance Authority (IA) has published the results of the local market as at 30 September 2023.
The turnover of all insurers operating in the Kingdom amounted to 48.962 billion SAR (13 billion USD). The premium volume has grown by 21.8% compared to the 40.189 billion SAR (10.7 billion USD) recorded during the first nine months of 2022.
The net profit generated by the insurance companies climbed from 197.6 million SAR (52.6 million USD) as at 30 September 2022 to 2.573 billion SAR (685.4 million USD) over the same period of the previous year. The net investment income stood at 1.539 billion SAR (410 million USD), against 458.1 million SAR (122 million USD) a year earlier.
During the period under review, the net incurred losses were up by 20.7% to 28.708 billion SAR (7.6 billion USD).