Saudi insurance spending per capita up 16% to SAR 2,367 in 2024
Per capita spending on insurance in Saudi Arabia grew 16% to SAR 2,367 by the end of 2024, compared to SAR 2,035 a year earlier, data from the Insurance Authority (IA) showed.
The per capita insurance spending is defined as the gross written premiums (GWPs) during the year divided by population.
Per capita spending on insurance in Saudi Arabia grew at a compound annual rate (CAGR) of 21.2% over the last five years.
Health insurance accounted for 55% of total per capita spending in the sector last year, followed by general insurance with 34%, as well as protection and savings insurance with 10%.
The IA report explained that the insurance penetration, which is represented by the ratio of total insurance premiums to the gross domestic product (GDP), increased to 1.87% in 2024, compared to 1.64% in 2023.
Similarly, the insurance sector's contribution to the non-oil GDP also expanded to 2.59% in 2024 compared to 2.38% in 2023, and it is targeted to increase to 4.3% by 2030.
Last year witnessed the issuance of several regulations, guidelines, and standardized policies aimed at keeping pace with developments in the sector and the broader economy. Notable among these were:
The issuance of the Unified Health Insurance Policy for Domestic Workers, which sets the minimum mandatory health coverage for this category.
The Unified Professional Liability Insurance Policy for entities inspecting compliance with the Saudi Building Code.
The Unified Civil Liability Insurance Policy for crowded venues and high-risk activities.
Per Capita Spending on Insurance Since 2010 (SAR)
Year
General
Health
Protection & Savings
Total
2010
244
315
35
594
2011
278
342
32
652
2012
308
386
30
724
2013
383
430
28
841
2014
450
511
29
990
2015
523
602
33
1158
2016
541
587
33
1161
2017
502
585
35
1121
2018
419
595
33
1048
2019
417
657
33
1107
2020
414
645
36
1095
2021
435
717
49
1200
2022
576
933
55
1564
2023
754
1200
80
2035
2024
814
1313
239
2367
GWPs saw a 16% year-on-year (YoY) increase to SAR 76.1 billion in 2024.
Health insurance GWPs stood at SAR 42.2 billion in 2024, up 9% from SAR 38.6 billion in 2023. Similarly, general insurance GWPs grew by 8% YoY to SAR 26.2 billion in 2024. Protection and savings insurance premiums saw a 200% hike YoY, accounting for 10.1% of GWPs up from 3.9% in 2023.
GWPs by Insurance Segment in 2024 (SAR bln)
Type
2023
2024
Change value
Change (%)
Healthcare
38.6
42.2
+ 3.6
+9%
General
24.3
26.2
+ 1.9
+8%
Protection & Savings
2.6
7.7
+ 5.1
+200%
Total
65.5
76.1
+10.7
+16%
In the general insurance segment, auto insurance premiums accounted for 53%, or SAR 13.9 billion, of total. General accidents & liability insurance came second with 13%.
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