Profitability of insurers continues to suffer

U.A.E.-based actuarial consultancy Badri Management Consultancy expects headwinds to continue to dampen the growth of Saudi Arabia’s insurance industry this year, Middle East Insurance Review reported. Saudi Arabian insurers recorded an 88% drop in profits after zakat and tax to 114 million Saudi Arabian riyals ($30.3 million) in the first half of the year. The market for motor underwriters remained challenging in the first half, but property and casualty and medical insurance lines continued to see growth.