Saudi Arabia: SAMA licenses first foreign insurance branch
Source: Middle East Insurance Review | Mar 2023
The Saudi Central Bank (SAMA) announced that it has granted a licence to Cigna Worldwide Insurance Company, the first foreign health insurance company branch to operate in the kingdom.
In a statement, SAMA said, “The licensing of the new foreign branch aims to fulfil the objectives of the ‘Rules for Licensing and Supervision of Branches of Foreign Insurance and/or Reinsurance Companies in Saudi Arabia’. It also comes as part of SAMA’s role of supporting financial stability and contributing to national economic growth towards achieving the objectives of Saudi Vision 2030.”
SAMA also said that the licensing falls under its initiatives to encourage foreign direct investments to increase the competitiveness of the insurance sector and tap the potential of the Saudi economy. Additionally, enabling new international entrants will enhance the quality of services, increase the diversification of investors and introduce unique business models to the market.
SAMA reaffirms its ongoing efforts to support the financial sector as a whole, raise the level of effectiveness and flexibility of financial transactions and encourage innovation in financial services, consequently enhancing the level of financial inclusion in Saudi Arabia and providing access to financial services by all segments of society.
Cigna Worldwide
Cigna Worldwide Insurance Company is part of the global Cigna group of health services companies serving over 180m customers and patients in over 30 countries around the world.
Cigna International Health president Jason Sadler said, “The licence enables us to deliver a stronger value proposition, access, and service to our clients through a host of proprietary health and well-being products and services. Cigna has been in the region for nearly two decades, initially through local partners and then independently. We have a deep-rooted knowledge of the Middle East health insurance market, which helps us in offering a health insurance proposition ideal for clients in the kingdom.”
Operating for more than 17 years in the MENA region, Cigna serves the GCC markets and Lebanon through its locally regulated entities. The company delivers both health and wellness services to individuals, employers and government entities in the region. M