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Saudi insurance market: turnover by class of business (IFRS4)
Figures in thousands USD
| Classes of business | 2020 | 2021 | 2022 | 2023 | 2024 | Share 2024 |
|---|---|---|---|---|---|---|
| Health | 6 081 440 | 6 686 633 | 8 476 276 | 10 293 723 | 11 241 903 | 55.5% |
| Motor | 2 225 736 | 2 173 727 | 2 753 702 | 3 807 725 | 3 696 389 | 18.2% |
| Accident and third-party liability | 364 804 | 422 458 | 712 539 | 732 049 | 925 381 | 4.6% |
| Property damage | 561 680 | 607 723 | 655 923 | 750 597 | 783 662 | 3.9% |
| Engineering | 282 757 | 266 833 | 424 429 | 560 876 | 766 499 | 3.8% |
| Energy | 242 546 | 344 939 | 440 114 | 343 145 | 458 633 | 2.3% |
| Marine | 183 747 | 185 425 | 184 359 | 199 315 | 270 667 | 1.3% |
| Aviation | 47 561 | 50 357 | 62 474 | 73 634 | 67 959 | 0.3% |
| Total non-life | 9 990 271 | 10 738 095 | 13 709 816 | 16 761 064 | 18 211 093 | 89.9% |
| Savings and protection | 336 497 | 454 627 | 498 940 | 683 786 | 2 049 452 | 10.1% |
| Grand total | 10 326 768 | 11 192 722 | 14 208 756 | 17 444 850 | 20 260 545 | 100% |
Exchange rate as at 31/12/2024: 1 SAR = 0.26609 USD ; at 31/12/2023: 1 SAR = 0.2665 USD ; at 31/12/2022: 1 SAR = 0.2663 USD ; at 31/12/2021: 1 SAR = 0.2663 USD ; at 31/12/2020: 1 SAR = 0.2663 USD.
Saudi insurance market: insurance revenue by class of business (IFRS17)
Figures in thousands USD
| Classes of business | Insurance revenue 2024 | Insurance revenue 2023 | Evolution 2023-2024 (1) | ||
|---|---|---|---|---|---|
| SAR | USD | SAR | USD | ||
| Health | 40 690 000 | 10 827 202 | 35 766 400 | 9 531 746 | 13.8% |
| Motor | 14 026 800 | 3 732 391 | 12 185 200 | 3 247 356 | 15.1% |
| Accident and third-party liability | 9 952 000 | 2 648 128 | 8 257 500 | 2 200 624 | 20.5% |
| Total non-life | 64 668 800 | 17 207 721 | 56 209 100 | 14 979 726 | 15.1% |
| Savings and protection | 1 569 200 | 417 548 | 1 221 900 | 325 636 | 28.4% |
| Grand total | 66 238 000 | 17 625 269 | 57 431 000 | 15 305 362 | 15.3% |
(1) Growth rate in local currency
Saudi insurance market: insurance coverage costs and expenses by class of business (IFRS17)
Figures in thousands
| Classes of business | Insurance expenses 2024 | Insurance expenses 2023 | Evolution 2023-2024 (1) | ||
|---|---|---|---|---|---|
| SAR | USD | SAR | USD | ||
| Health | 38 136 900 | 10 147 848 | 32 895 800 | 8 766 731 | 15;9% |
| Motor | 12 137 500 | 3 229 667 | 9 354 000 | 2 492 841 | 29.8% |
| Accident and third-party liability | 3 172 000 | 844 038 | 3 546 600 | 945 169 | -10.6% |
| Total non-life | 53 446 400 | 14 221 553 | 45 796 400 | 12 204 741 | 16.7% |
(1) Growth rate in local currency
Saudi insurance market: combined ratio by class of business (IFRS17)
| Classes of business | Combined ratio 2024 | Combined ratio 2023 |
|---|---|---|
| Health | 93.7% | 92.0% |
| Motor | 86.5% | 76.8% |
| Accident and third-party liability | 31.9% | 43.0% |
| Total non-life | 82.6% | 81.5% |
Read also | Insurance companies in Saudi Arabia