News - MENA

Saudi Arabia: Mergers should 'preferably' involve more than 2 insurers

Source: Middle East Insurance Review | Oct 2019

A merger of Saudi insurers should preferably involve more than two insurers, said Mr Adel Al-Issa, a spokesman for insurance companies in Saudi Arabia.

The goal is to create a stronger and larger entity, and also fast track the consolidation process, he told CNBC Arabia. “Mergers are a strategic imperative,” he said.

Companies are facing fierce competition, while compulsory insurance payments and investment losses are among key market challenges.

However, insurers are seeing delays in consolidation because of internal decisions to be made by their boards of directors. M

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