Riyadh – Mubasher: Saudi gross written premiums rose 1% year-on-year to SAR 19.2 billion ($5.12 billion) in the first half of 2016 from SAR 19 billion ($5.07 billion).
"The deceleration is attributable to two main factors: shrinking health insurance market share by 33 basis points and declining general insurance segment by 14% year-on-year despite the 10% growth of vehicle insurance segment," Albilad Capital reported.
Insurance density grew 0.7% SAR 1,245 ($332) per capita in H1-16 compared to SAR 1,236 ($330) per capita in H1-15.
Consolidated profit of the insurers reached SAR 820.4 million by the end of H1-16 compared to SAR 262.7 million in H1-15, the report said.
The research firm stated that 25 insurance companies posted profits while only eight suffered losses in the first six months of 2016.
Health insurance increased its share of total insurance market to 51% in H1-16, keeping its position as the biggest insurance segment.
Vehicle insurance pushed its share to 32% of total market, while general insurance's share shrank to 14% in the first half of the year.
