Insurance spending per capita increased by 30% to SAR2,034 ($541.50) in 2023 from SAR1,564 in 2022 in Saudi Arabia, according to the Insurance Authority (IA).
“The Saudi Insurance Market Report 2023”, released by the IA, shows that health insurance accounted for 59% of the total amount spent by individuals on insurance in Saudi Arabia in 2023, while general insurance represented 37%, and protection and savings insurance made up the remaining 4%.
Health insurance, both compulsory and voluntary, remained the largest line of business in the kingdom in 2023, growing by 21.4% year on year to SAR38.6bn. Total GWP in the overall Saudi insurance market rose by 22.7% to SAR65.5bn.