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Insurers delay premium cuts pending rule change
The vehicle insurance market in the Kingdom experienced a significant increase in written premiums during 2025, rising from 13.9 billion Riyals to 15.6 billion Riyals, a growth rate of 12.2%. This expansion coincided with a rise in the number of insured vehicles, which reached 11 million, representing a 6.8% increase. However, claims compensation costs surged from 70.4% to 84%, and administrative expenses grew from 16% to 22.3%. Customer complaints also escalated, recording 440,000 complaints—a 69% increase—prompting the Saudi Insurance Authority to review pricing mechanisms and enhance transparency, aiming to narrow the gap between offers and ensure fair prices for consumers.
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