By: Waleed Abdelsalam
Riyadh - Mubasher: Saudi Insurance Companies saw a 715% surge in earned premiums in the last seven years, with an annual increase rate that averaged 102%.
By the end of the second quarter of the year, earned premiums totalled SAR 8.065 billion, compared to SAR 989.9 million in the same quarter in 2009, according to the data of the Saudi Arabian Monetary Agency (SAMA).
Net earned premiums also registered grew by 11% or SAR 805 million in Q2-16 compared to Q1-16 when it recorded SAR 7.26 billion in, and by 24.23% compared to Q4-15 when it recorded SAR 6.492 billion, with differences of SAR 805 million and SAR 1.6 billion respectively.
It is worth noting that the net earned premiums paid to Saudi insurers in Q2-16 are the highest in the last seven years.
Health insurance dominated 56.7% of net earned premiums in Q2-16 with a total of SAR 4.57 billion, its highest record in the last seven years, despite the fact that it declined by 0.27% compared to Q1-16.
Vehicles came in second with another seven-year record high, registering SAR 3 billion, 38% of the total net earned premiums, which means that these two sectors accounted for more that in Q2-16 94% of the total premiums in Q2-16.
Meanwhile, aviation insurance jumped by 5972.5% in Q2 to SAR 2.43 million compared to SAR 40,000 in the first quarter of the year.
Translated by: Moslem Ali
