The Ministry of Human Resources and Social Development (MHRSD) is expected to start linking insurance policies to domestic labour contracts, with effect from the beginning of 2022.
Walaa Cooperative Insurance and SABB Takaful have signed a non-binding memorandum of understanding (MoU) to evaluate a potential merger between the two companies, the insurers say in separate statements to Tadawul.
The insurance industry in Saudi Arabia produced its best financial results last year when combined net profit after zakat and income tax climbed by 48.3% to a record SAR1.46bn ($388m) compared to 2019, says the international professional services firm KPMG.
Arabian Shield Cooperative Insurance Co has signed a binding merger agreement to purchase all the shares of Alahli Takaful Co via a share exchange without cash.
Saudi Indian Company for Cooperative Insurance (Wafa Insurance) has announced that it is unable to settle the third tranche of repayment to creditors by the deadline specified in the company's financial reorganisation plan under the Saudi bankruptcy system.
The Misr Insurance group is looking forward to entering the Saudi market after the COVID-19 pandemic recedes, according to Mr Basel El Hini, chairman of the government-owned Misr Insurance Holding Company.
Saudi Arabia is considering revamping the kingdom's pension system to require citizens to work longer and contribute more, according to a report by Bloomberg.
Insurance companies in Saudi Arabia are reluctant to provide health insurance to individuals aged over 60, out of fear of making losses, according to industry experts.
The COVID-19 pandemic has changed underwriting in general, including at The Islamic Corporation for the Insurance of Investments and Export Credit (ICIEC).
Saudi Re and RMS, a leading global catastrophe risk solutions company, have sealed a new agreement that will strengthen the reinsurer's capabilities in Asia.