Riyadh – Mubasher: The individual expenditure on insurance services increased in the first half of 2016 by 15% year-on-year to SAR 1,321, according to a report released by Namar insurance and reinsurance brokers Company.
The report said the Saudi Arabian insurance market is expected to achieve sustainable growth rates during the next five years, noting that the market’s current volume exceeded SAR 40 billion.
The compulsory insurance constitutes 75% of the local insurance market, while medical and vehicle insurance forms 52% and 46% of the market respectively.
Eyad Alhebe, Chairman of Namar, said that the average insurance spending per capita was SAR 682 in 2011, and rose to SAR 725 in 2012, then SAR 865 in 2013, SAR 991 in 2014 and SAR 1,149 in 2015.
