This contributed to better provision of insurance services at competitive prices and coverage, thereby, achieving higher growth rates in the market. The number of insurance and reinsurance companies at the end of the third quarter of 2013 stood at 34 in addition to 180 insurance-related service companies to support insurance services. Gross written premiums stood at SAR 19.2 billion at the end of the third quarter of 2013, compared to SAR 15.7 billion in 2012, growing by 22.3 percent. The ratio of insurance written premiums to GDP stood at 0.69 percent up to the third quarter of 2013, indicating significant opportunities of growth for this sector in the coming years. SAMA attached great attention to insured persons’ rights. The Implementation Regulation of The Cooperative Insurance Companies Control Law obligates insurance companies to settle customers’ claims in a period not exceeding 15 days. SAMA supervises companies’ compliance with the provisions of this article on a continuous basis. Ladies and gentlemen, In the area of finance, SAMA has published the Implementing Regulations for the Finance Laws, and issued Implementing Regulations of the Financial Leasing Law in coordination with the Ministry of Justice. It has also issued the Implementing Regulations of the Finance Companies Control Law. In this context, SAMA applies the best internationally recognized practices, ensuring the soundness of the sector and its stability, fairness of its transactions, in addition to encouraging legitimate and fair competition between finance companies, taking appropriate means to develop the sector, working on Saudization of jobs, and raising efficiency of its employees.

According to data of the Ministry of Finance, the Kingdom registered a real surplus of SAR 180.3 billion (6.5 percent of GDP) in its budget during 2013. The public debt fell to SAR 75.1 billion (representing 2.7 percent of GDP). Moreover, the Kingdom achieved a surplus of SAR 486.8 billion (17.4 percent of GDP) in the current account of the balance of payments (compared to 22.4 percent in the preceding year). The inflation rate increased from 2.9 percent in 2012 to 3.5 percent in 2013. However, it is still under control. According to the latest data of the Central Department of Statistics and Information, the inflation annual rate declined to 2.8 percent during February 2014, given that the inflation rate in emerging and developing economies was estimated at 6.2 percent in 2013. Inflationary pressures in the Kingdom were due to the housing sector and food prices. At the time when a number of industrial countries are witnessing a decline in their credit rating, Fitch Credit Rating Agency promoted the Kingdom’s sovereign credit rating from (AA-) to (AA) with a stable outlook, strengthening confidence in our national economy and making it more attractive to investments. Ladies and gentlemen, Allow me to talk about activities supervised by SAMA. In the banking sector, domestic banks continued to play their roles in serving the national economy in accordance with latest secure technologies in the banking services field. Monetary base (M3) increased by 10.8 percent in 2013 (by 12.8 percent in January of this year).