Browsing Tag

insurance sector

Saudi insurers lead GCC region in net profit and revenues, study shows

The net profit of insurance companies in Saudi Arabia surged by 1,221.3 percent year-on-year in 2023 to $861 million, driven by favorable economic conditions. According to the report released by research firm Insurance Monitor, in…
Read More...

Business

Saudi Arabia’s insurance industry set to surpass $22bn by 2028: Global Data

Saudi Arabia’s insurance industry is projected to experience a compound annual growth rate of 5.2 percent until 2028, reaching SR83.7 billion ($22 billion), a study showed. This growth, up from the current SR68.3 billion in 2024, is…
Read More...

Business

Saudi insurance sector grows 22% with health as primary driver

Saudi insurance firms saw a 22 percent increase in gross written premiums, totaling SR48.96 billion ($13.05 billion) for the nine months ending in September 2023, surpassing the previous year’s corresponding period. The latest data from…
Read More...

Business

AI use rises in Saudi insurance sector amid 80m transactions in 2023

Saudi Arabia’s insurance sector utilized artificial intelligence in over 50 percent of customer service dealings in 2023 as it recorded more than 80 million transactions. Data from the General Organization for Social Insurance revealed…
Read More...