Saudi Arabia's only locally incorporated reinsurer Saudi Re was ahead of direct insurers in the Kingdom in terms of profit growth in 1Q.
Heavy rains experienced in recent years throughout Turkey have led to increased demand for insurance. Research shows that storms constitute half of all extreme events followed by floods and hail.
Almost 90% of insurers currently operating in Saudi Arabia will have to raise new capital, consolidate through mergers and acquisitions, or exit the market entirely, when the regulatory authorities raise minimum capital requirements, S&P Global Ratings says.