* Majed Al-Khalidi from Riyadh
Total insurance premiums for the protection and savings during the first quarter of this year is about 302 million riyals, an increase of 12.4%, compared to about 268.5 million riyals in the same period last year.
The "protection and savings" insurance achieves the financial goals of the insured, while providing financial protection to the insured family in the event of exposure to unexpected risks." Insurance also helps to increase savings by participating in a protection and savings program for a certain period.
According to the analysis of the unit of reports in the newspaper "Al-Eqtisadiah", based on the data of the Saudi Arabian Monetary Agency "SAMA", the share of insurance for protection and savings rose slightly, accounting for about 2.7 per cent of total insurance activities during the first quarter of 2018, compared to 2.3 per cent during the same period in 2017.
The number of claims during the first quarter of this year - according to preliminary data – were amounted to about 147.5 million riyals, recording an increase of about 2.8 percent, compared to about 143.3 million riyals during the same period last year.
Total premiums for protection and savings during the last year 2017 were amounted to 1.14 billion riyals, recording growth of 8.4% compared to 1.05 billion riyals in 2016.
The number of insurance policies issued during the first quarter of 2018 was about 64.8 thousand documents, which means that the average document is 4.6 thousand riyals. While, it was about 3.9 thousand riyals during the same period last year with 72.6 thousand documents.
Thus, the number of insurance policies during the first quarter decreased by 10.8 per cent, with the average of the document increasing by about 26 per cent.
Total gross premiums for all activities in the first quarter of 2018 declined by 2.85 per cent, while the insurance and savings insurance grew by 12.4 per cent.
According to the analysis, the third quarter in the last three years is the most prominent in property insurance premiums, accounting for about 23 per cent of total insurance activities.
* Economic Reports Unit
