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Data from the Saudi Central Bank showed that general insurers’ gross written premium increased by 57% year-on-year to 2.4 billion Saudi Arabian riyals ($638 million) in the third quarter of the year, Arab News reported. “The rise in gross written premiums in Q3 2022 indicates that the private and government sector are now more encouraged to take on new business and insure risks,” said Mohamed Ramady, a London-based economist.