Modest slowdown in premium growth distinguishes second-quarter financial results for MPL specialty insurers
We look at the financial results for medical professional liability (MPL) insurers for the second quarter of 2022.
The KSA Insurance Industry Report 2021 provides a market overview of 29 companies listed on the Saudi Stock Exchange Tadawul. The gross written premium grew 9.6% to SAR 41.9 billion during 2021, following an increase of 1.4% in 2020. The increase in premiums is attributed to higher volumes due to easing COVID-19 restrictions. This resulted in strong recovery in 2021, with higher oil prices and a rebounding economy.
Total assets of the companies were SAR 68.7 billion – an increase of 4.8% during 2021. Net profits of the companies took a huge hit, falling sharply from SAR 1.45 billion in 2020 to a loss of SAR 43.7 million in 2021. The main driver was a noticeable increase in motor and medical claims, as the business transitioned from COVID-19 to more normal levels. The report includes details behind this increase, as well as a deep dive into market statistics to unveil the latest trends.