Casualty: Liability pricing continued to stabilize, with increased demand from various business segments, particularly engineering, procurement, and construction (EPC) and operation and maintenance (O&M) contractors venturing into new projects. There was an increase in aviation liability queries due to privatization of the aviation sector. Aviation liability pricing increased more than 10% in the fourth quarter.
Property: Local insurers sought to increase retentions on non-catastrophe risks. Some global insurers engage with local insurers on a coinsurance basis to retain a greater part of the risk within Saudi Arabia, thereby relying less on more expensive reinsurance markets. There is a downward pricing trend in non-catastrophe risks where insurers have high retentions, whereas large catastrophe risk experienced more stable pricing. Insurers often increased treaty capacities, where possible, which increased overall capacities of the local markets.