Riyadh, SAMA announces the release of the second quarterly report of the year 2021 for the insurance sector. The report compares the performance of the insurance sector during Q2 of the year 2021 with the corresponding quarter in the preceding year. It also compares the performance during the first half of 2021 with the same period in the preceding year.
This report is published 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.
Overall, the sector showed positive developments during Q2 of the year 2021. The gross written premiums grew by 8.1% to reach 9.4 billion SAR in the second quarter of 2021 compared to 8.7 billion SAR in the corresponding period last year, with the majority of insurance classes witnessing a growth in premiums. Among P&C classes, Energy and Property classes were the biggest classes by premium volume during Q2 of the year 2021, growing by 98% and 8% respectively over Q2 of the year 2020. Protection and saving insurance classes also grew by 34% reaching 436 Million SAR in Q2 of the year 2021. The Net income decreased by 59% driven by an 89.6% decrease in Operational Income. This decrease is attributable to the claims returning back to the pre-pandemic normal levels. The Solvency ratio improved to reach 172.2%.
Source: Saudi Press Agency