The UAE and Saudi Arabia lead the Arab world in the insurance premium sector

Abu Dhabi (WAM)
The total insurance premiums written by Arab insurance companies increased to approximately $50.8 billion at the end of 2023, compared to approximately $46.5 billion at the end of 2022, a growth of 9.2%, according to the latest figures of the Arab Monetary Fund.

The Fund said that the total written insurance premiums worldwide amounted to approximately $6.78 trillion at the end of 2022, which indicates that the sector, at the Arab level, still needs to expand, reflecting the opportunities available for growth, as do average written prices. not exceeding about 1.6% of the Arab countries’ GDP.
The Fund indicated that insurance companies in the Kingdom of Saudi Arabia and the Emirates were in first place in terms of total written insurance premiums, exceeding $ 32 billion, reaching approximately $ 17.45 billion in Saudi Arabia and $ 14.71 billion in the Emirates by the end of 2023.
The Arab Monetary Fund explained that the total life insurance premiums accounted for about 18.8% of the total written premiums on the Arab insurance sector in 2023, while the total premiums for general insurance as well as life insurance were 81.2%.
He pointed out that the average compensation paid to written premiums was around 54.6% at the end of 2023, and the average rate of return on assets reached 2.2% at the end of last year insurance companies and a decline in the ratio of total compensation paid to total premiums written Achieves a good profit in most Arab countries.