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Saudi Arabia's insurance industry put on a strong showing in 2006, lifting total premium income 35 percent compared with 2005 to SAR6.9 billion ($1.84 billion), according to the Saudi Arabian Monetary Agency's (SAMA) annual survey report published in August.
Health insurance was the primary growth driver in 2006, recording a hefty 62 percent increase in premium income to SAR2.2 billion, one-third of the total insurance market. General insurance also did well, recording a 25 percent increase in premium income to SAR4.5 billion.
Life insurance premiums, however, put in a comparatively lacklustre showing, increasing by 13 percent to SAR220 million or 0.02 percent of Saudi Arabia's GDP. Still in its...