Mr. Dheib Al-Odhaileh, Central Region General Manager of the Saudi United Cooperative Insurance Company, said that the local insurance sector contributes only 0.6% of the Kingdom's GDP compared with an average 3%-5% in many countries. According to Al-Sharq Al-Awsat newspaper, Mr. Al-Odhaileh, estimates at SR 150 ($40) the per capita average spending on insurance in the Kingdom of Saudi Arabia annually compared with $5,000 in South Korea.
