Saudi insurance sector grows in 2024, boosts contribution to non-oil GDP

Photography: Courtesy of SPA

RIYADH, May 7 (Saudi Arabia Breaking News) – Saudi Arabia’s Insurance Authority has released the Saudi Insurance Market Report, detailing the sector’s performance and regulatory developments throughout 2024.

According to the report, the insurance sector recorded growth in total written premiums, with significant gains in protection and savings insurance. The sector’s contribution to non-oil GDP rose to 2.59% in 2024.

The report also showed that the sector achieved SAR3.6 billion in net profits during 2024, up from SAR3.2 billion in 2023. The increase was attributed to improved insurance service results and stronger investment income.

Regulatory updates included the issuance of several new regulations and the launch of a standard policy for a range of insurance products. These measures reflect the authority’s efforts to enhance the sector’s economic role and prioritize policyholder protection.