Saudi Arabia: Value of insurance premiums up by 16%
Car insurance in Saudi Arabia increased by 126 percent last year to SR610 million as a result of the mandatory insurance on driving license imposed by the authorities two years ago, according to a report published by the Saudi Arabian Monetary Agency.
Medical insurance also went up by 9.8 percent to SR260.9 million while insurance against fire increased to SR232 million and energy insurance by 55 percent to SR119.9 million, the report said, adding that aviation insurance declined by 8.4 percent to SR137.5 million.
The total value of insurance premiums in the Kingdom rose by 16 percent from SR2.6 billion in 2001 to SR3 billion in 2002, SAMA said, according to Arab News. All in all, there are 104 insurance firms, agents and consultancy offices in the Kingdom. According to a survey conducted by SAMA, there are 55 insurance firms in Riyadh, 31 in Jeddah and 18 in Dammam. (menareport.com)