Financial Sector Development Program eyes insurance spending per capita of SAR 45 in 2025: Official

29/09/2022 Argaam
Faisal Alsharif Director General of the Financial Sector Development Program

Faisal Alsharif Director General of the Financial Sector Development Program 

The Financial Sector Development Program (FSDP) targets to raise insurance spending per capita in Saudi Arabia to SAR 45 in 2025 from SAR 33 in 2019, Director General Faisal Alsharif said. 

 

The FSDP aims to increase the insurance sector’s contribution to the Saudi non-oil gross domestic product (GDP) from 1.9% in 2019 to 2.4% in 2025, Alsharif added during the fifth-panel discussion at the Saudi Insurance Symposium.  

 

The program works on increasing the share of medical insurance to 45% in 2025, compared to 33% in 2019, and motor insurance to 77% instead of 40% in 2019, he added. 

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