Read the latest edition of AIR and MEIR as an Interactive e-book

Jun 2021

Market Profile

Saudi Arabia

Building resilience

Benefiting from its strong position in the local market and strategic partnerships built over the past few years, Saudi Re continues to register satisfactory results, says Mr Fahad Al-Hesni.

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Departure of expats increases pressure for more insurance M&A

The outlook for Saudi Arabia’s non-life sector remains subdued. But as the government makes steady progress towards achieving its Vision 2030 goal to diversify the economy away from its dependence on oil, the ensuing developments could boost the country’s growth potential and have a positive knock-on effect on the insurance industry.

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Strategic partnership to aid expansion

MIG Group and Gallagher have formed a strategic partnership to expand operations globally and in the MENA region. This will also allow for the introduction of new products and services, says MIG’s Mr Nagib Bahous.

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Tech trends revolutionising insurance

The Saudi Arabian insurance sector is on a path of increased digitalisation that could enhance customer experience as well as operational efficiency, says Najm Insurance Services’ Dr Mohammad Al-Suliman.

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Rebound expected in health insurance sector

Growth in the health insurance market slowed in 2020 but a rebound is expected based on government initiatives and an improving economy. Loss ratios will remain an area of concern.

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Insurance growth: Stimulating the private sector

Growth of all lines of insurance in the kingdom will be best achieved in tandem with growth in the real economy. While the pandemic has affected every country to a great degree, Saudi Arabia’s best chance of a rapid bounce-back lies in encouraging the private sector to be more entrepreneurial, says Tysers Dubai’s Mr Anthony Harris.

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