Riyadh-Mubasher: Insurance spending per capita in Saudi Arabia reached nearly SAR 991 in 2014, compared with around SAR 7,000 per year in Europe, Al-Jazirah newspaper reported.
The insurance sector contributed almost 1.08% to the local GDP, compared with 7% in Europe, on lower insurance spending and lack of insurance awareness, said Abdulaziz Abu Al-Saud, vice president of cooperative insurance committee at the Council of Saudi Chambers.
He added that the reason behind increase in auto insurance premiums is high incurred damages and large number of autos in the kingdom.
Auto insurance premiums will likely reach SAR 10.50 billion in 2015, compared with SAR 8 billion a year earlier, Abu Al-Saud said.
