The Saudi Insurance Authority reports $960 million profit for 2024, driven by growth in premiums and investments.

The Insurance Authority has released the Saudi Insurance Market Report, outlining the growth and financial performance of the insurance sector throughout 2024 and its impact on the national GDP.

The report highlights that the insurance sector has experienced an increase in total written premiums, particularly in the areas of protection and savings insurance.

Furthermore, the sector's contribution to the non-oil GDP rose to 2.59 percent in 2024, indicating a healthy growth trajectory.

Overview of the Saudi Insurance Sector

The report indicates that the insurance sector achieved a profit of SR3.6 billion ($960 million) in 2024, up from a net profit of SR3.2 billion ($853 million) in 2023. This growth is attributed to improved results from insurance services and more robust investment income.

In addition, the Saudi Insurance Market Report covers significant regulatory changes, including the introduction of new regulations and a standard policy for various insurance products.

These initiatives reflect the authority’s dedication to promoting the insurance sector, maximizing its economic contributions, and prioritizing the needs of policyholders.