4 Hrs
Source:
الاقتصادية
Saudi insurance market hits 84B riyals
The Saudi insurance market is expanding significantly, with its size increasing from 42 billion SAR in 2021 to 84 billion SAR in 2025. It is also expected to continue growing to reach 140 billion SAR by 2025, but at a faster rate and with a better balance between growth and quality. The growth is primarily focused on the health and motor insurance sectors, which together accounted for 89% of the premium increases in 2025. Additionally, the number of beneficiaries of health insurance rose by 10.5% to reach 14.47 million, and the number of insured vehicles increased by 6.8% to 11 million vehicles. As the growth rates gradually decline to 10.7% in 2025, the market is moving toward greater maturity, and a risk-based capital framework is set to be implemented starting in 2027. This underscores the importance of strengthening financial solvency and improving risk management. These developments are accompanied by strict regulatory efforts, including the issuance of over 180 decisions and the activation of corrective measures to ensure sector sustainability and quality of services for beneficiaries. There is also a need to diversify products and enhance the customer experience to foster long-term stability and resilience of growth.
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