The Insurance Authority has issued the Saudi Insurance Market Report for Year 2023 which highlights the insurance sector’s performance and contribution to the Kingdom's GDP. The share of online sales showed a positive increase. The penetration ratio to non-oil GDP increased to 2.38% in 2023. The report further highlights the significant increase in insurance operations income, with net profit reaching SAR 3.2 billion in 2023 compared to a net profit of SAR 244 million in 2022
The Report is available on IA Website