Insurance sector in Saudi Arabia grew 8.4% in 2021: SAMA

The report added that the increase in investment income helped offset the impact of operational losses.
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Updated 12 May 2022
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Insurance sector in Saudi Arabia grew 8.4% in 2021: SAMA

The insurance sector in Saudi Arabia grew 8.4 percent in 2021, according to the 15th annual report on the insurance market released by the Saudi Central Bank, also known as SAMA. 

According to the report, the total written premium in 2021 stands at SR42 billion (11.2 billion). 

The report further stated that the contribution of insurance sector to non-oil GDP decreased slightly by -0.01 percent to reach 1.91 percent, while the overall loss ratio increased to reach 83.4 percent in 2021 compared to 76.7 percent in 2020

The net loss in the insurance sector after zakat and tax now stands at SR47 million in 2021 compared to a net profit of SR1.38 billion in the previous year.

The report added that the increase in investment income helped offset the impact of operational losses. 


Saudi Arabia’s approach to AI transformation delivering business value: Publicis Sapient CEO

Updated 22 January 2026
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Saudi Arabia’s approach to AI transformation delivering business value: Publicis Sapient CEO

  • Nigel Vaz: We’re reimagining how, in the case of tourism, we transform Saudi Arabia into a destination that is actually relevant and attractive for people to explore
  • Vaz: Our Slingshot platform handles everything from design to deployment, allowing legacy modernization and new digital apps to be built

DAVOS: As 2026 emerges as a tipping point for artificial intelligence, executives across the Middle East are moving from experimentation to scaling AI in ways that can deliver real business value, according to Nigel Vaz, CEO of Publicis Sapient.

Speaking to Arab News at the World Economic Forum in Davos, Vaz highlighted Saudi Arabia’s proactive approach to integrating technology into national and sectoral strategies.

“I was in meetings with the minister for tourism in Saudi Arabia (Ahmed Al-Khateeb), where we do a lot of work for them, and meetings with (Communications) Minister Abdullah Alswaha,” he said.

“What you realize is technology is incredibly critical, but it’s critical to the extent that we’re reimagining how, in the case of tourism, we transform Saudi Arabia into a destination that is actually relevant and attractive for people to explore.”

Vaz also highlighted applications of AI beyond tourism, including energy and healthcare.

“You’re thinking about how it can enable a greener approach to energy, which is a big goal for their government,” he said.

“And in healthcare, predictive and preventative approaches allow trends to be addressed before they occur, which is a significant cost saving for the government,” he added.

The shift in mindset around AI reflects a broader trend globally.

“Last year there was a lot of excitement about AI, but most work was at a proof-of-concept stage,” Vaz said. “What’s tipped this year is the recognition that AI is only valuable if it drives real business outcomes.”

This involves moving beyond automating individual tasks to enabling entire workflows or decision sets that produce superior results.

“Individual tasks being automated by AI don’t create business benefit,” he said. “Entire workflows or decision sets need to be enabled by AI, and they must deliver better outcomes than are currently possible today.”

Vaz underscored the importance of integrating people and AI rather than treating technology as a replacement, adding: “Unless you’re a technology nerd, you’re not really caring about the technology for its own sake.”

Geopolitical tensions further heighten the importance of AI for real-time, intelligent decision-making. Vaz explained that Publicis Sapient has developed platforms such as Slingshot, Bodhi and SustainAI to deliver enterprise-grade AI solutions with measurable business impact.

“Our Slingshot platform handles everything from design to deployment, allowing legacy modernization and new digital apps to be built two to three times faster and 30 to 40 percent cheaper,” he said.

Bodhi leverages industry expertise to create agentic capabilities for autonomous decision-making, while Sustain transforms IT service management, using AI to monitor systems, self-heal, and reduce manual workload, he explained

“All of this is not to sell software; it’s to deliver outcomes to clients. That’s what we care about,” Vaz added.

He offered guidance for leaders navigating the AI era.

“An AI North Star is focusing on an area of the business where untapped value can be unlocked,” he said. “Focus on how that value will drive growth, reduce costs, or improve experiences for customers or employees, and use AI to achieve those outcomes, rather than experimenting in small pockets.”

For Vaz, 2026 represents a year when enterprises, particularly in forward-looking Middle Eastern economies like Saudi Arabia, are moving from theory to practice, scaling AI to deliver tangible impact and measurable outcomes for businesses, governments, and citizens alike.