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Saudi insurance premiums seen increasing to SAR 30 bln

Saudi insurance premiums seen increasing to SAR 30 bln
The insurance premiums are expected to increase – for the first time – to SAR 30 billion at the end of this year, OKAZ Arabic newspaper reported.
The premiums reached nearly SAR 7.2 billion in the second quarter of 2014, with an increase of 20% compared with the same period of last year.
The insurance sector grew by 18% in Q2-14 on the issuance of some legislative regulations which helped increase demand for some insurance types.
The number of insurance companies reaches 35 currently, most of which suffer huge losses, weak capital and higher costs.