RIYADH: The total amount of premium paid for insurance during the first half of this year in the Kingdom was recorded at SR20.8 billion as against SR19.3 billion in the corresponding period in 2015, a growth of 7.5 percent and equivalent to SR1.4 billion.

According to an analysis by a local publication, the average per capita spending on insurance during the same period stood at SR670, compared to SR623 last year, registering a growth rate of 7.5 percent, which is equivalent to SR47.

The average per capita spending on insurance during the second quarter of this year was SR291, compared to SR379 for the first quarter, registering a decline of 23 percent, equivalent to SR88.

When comparing the second quarter with the same quarter of last year, it shows a slight growth of 2 percent, equivalent to about SR6, where the spending rate at the time was SR285.

From the first half of 2010 to the first half of 2016, the average per capita spending on insurance in the Kingdom grew by 159 percent, equivalent to SR411. In the first half of 2010, the spending was SR259 and rose to SR670 in the first half of this year.

The analysis showed that the insurance depth witnessed during the first quarter of this year a rise of 2.08 percent against 1.64 percent over the same period last year.

Meanwhile, the non-oil insurance depth during the first quarter of this year was 2.64 percent compared to 2.24 percent over the same period last year.

The insurance depth is the sector’s contribution to GDP, while the depth of the non-oil-insurance is the contribution of the insurance sector of the non-oil GDP.

The number of insurance and reinsurance companies licensed in the Saudi market is 35, while the licensed ‘brokers' firms is 80. The number of licensed insurance agents is 84, two actuarial firms in addition to 10 professional companies in insurance claim settlement cases and eight insurance consultancy firms.