The value of written premiums for motor insurance (what was spent by consumers) during the second quarter of this year decreased by 9 percent to QR 1.78 billion, the lowest quarterly levels since the third quarter 2014, compared to about 1.96 billion during the same period in 2018.
According to the monitoring unit of Al-Eqtisadiah, based on SAMA data and financial statements of insurance companies, the share of motor insurance fell to 21.6 percent of the insurance sector in the second quarter of 2019 compared to 25.9 percent. For the corresponding period of 2018.
The value of the written premiums for vehicle insurance declined by 42.5 percent in the second quarter of 2019 compared to the first quarter of 2019, which was 3.1 billion riyals.
The total written premiums in the Saudi insurance sector amounted to SAR 8.25 billion during the second quarter of 2019 compared to SAR 7.55 billion during the same period in 2018.
The written premiums for the entire sector grew 9.3 percent year-on-year, although it fell 31.3 percent compared to SAR 12.01 billion in the first quarter of 2019.
The health insurance premiums rose 15.5 percent year-on-year to SAR 4.92 billion compared to SAR 4.26 billion in the second quarter of 2018.
Health insurance accounted for 59.7 percent of the total insurance market in the second quarter of 2019 compared to 56.4 percent in the corresponding quarter of 2018.
Thus, "health insurance" and "motor insurance" activities are the most spent by consumers. Remarkable in other activities, aviation insurance increased 10.5-fold from QR 2.11 million in the second quarter of 2018 to QR 24.32 million in the second quarter of 2019, a growth of 1050 percent.
Energy activities insurance grew by 42.1 percent from QR 254.86 million in the second quarter of 2018 to QR 362.2 million in the second quarter of 2019.
"Engineering '' insurance rose from QR 129.79 million in the second quarter of 2018 to QR 148.59 million in the second quarter of 2019, a growth rate of 14.5%.
Subsequently, the "Protection and Savings" rose by 10.6 percent to the value of total written premiums in the second quarter of 2019 about 245.04 million riyals compared to 221.58 million riyals in the same period of 2018.
"Accident & Liabilities '' insurance came in at SAR 178.86 million in the second quarter 2019 compared to SAR 164.36 million in the second quarter 2018, a growth of 8.8%, then Marine Insurance grew by 4.1% during the second quarter of 2019 to 140.6 Million compared to SAR 135.12 million for the corresponding period of 2018.
The latest activity recorded growth in gross underwritten premiums is "Other Activities" which grew 112.5 percent from QR 23.69 million in the second 2018 to QR 50.35 million in the second 2019.
In contrast, property insurance fell 0.5 percent from SAR 400.1 million in the second 2018 to SAR 398.24 million in the second 2019.
* Economic Reports Unit
