The insurance sector witnessed a number of positive developments during the second quarter of 2021, as the volume of subscribed premiums increased by 8.1 percent from 8.7 billion riyals during the second quarter of the year 2020; To reach 9.4 billion riyals during the second quarter of 2021, according to a report by the Saudi Central Bank, today, Monday.
The majority of insurance types also witnessed a rise in subscribed premiums, as the volume of premiums subscribed to for energy and property insurance within general insurance types grew by 97 and 8 percent, respectively.
The volume of premiums subscribed for protection and savings insurance increased by 34 percent; To reach 436 million riyals during the second quarter of 2021, compared to 325 million riyals during the second quarter of 2020.
The report indicated that the insurance sector witnessed during the second quarter of 2021 a decrease in net income by 59 percent as a result of a decrease in income from insurance operations by 89.6 percent.
The report attributed this to the return of the level of claims to its level before the period of ban and closure during the Corona virus pandemic.
The margin of solvency of the insurance sector improved, reaching 172.2 percent.
The SAMA report on the insurance sector comes as part of the Central Bank’s commitment to provide accurate and up-to-date information on the performance of the insurance sector in the Kingdom of Saudi Arabia.