RIYADH: Total gross written premiums of the insurance sector increased 28.8 percent to SR12.2 billion ($3.3 billion) in the second quarter from SR9.5 billion in the same period last year, reported Saudi Central Bank, also known as SAMA.
“GWPs are a good indicator of the overall development of the sector,” Jarmo Kotilaine, an economist and strategist focusing on the Gulf region, told Arab News.
The health sector’s GWP, which makes up 54.6 percent of the Kingdom’s total GWPs, rose by 31.8 percent, amounting to SR6.8 billion in the second quarter.
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