The Ministry of Human Resources and Social Development has announced that the government's decision to Saudise all jobs related to the sales of insurance products had taken effect from 15 April.
Price increases, regulatory enforcement, M&A activity and generally favourable economic conditions have boosted the insurance revenue of 76 listed insurers in the GCC region for a second consecutive year in 2023 (FY2023).
Listed insurance companies in the Saudi market saw stellar growth in 2023, as their combined profits soared to SAR3,353m ($894m), compared to profits of less than SAR320m in 2022.
Mediterranean and Gulf Insurance and Reinsurance Co (MedGulf) net results have swung into the black in 2023 with net profits attributable to shareholders of SAR201.5m ($53.7m), compared to a net loss of SAR396.9m in 2022.
Bahrain-based Arab Insurance Group (Arig) has announced that its appeal to recover amounts due from Saudi Arabian insurer, Al-Rajhi Company for Cooperative Insurance (Al Rajhi Takaful), has been successful in the final hearing before the Committee of Appeal of the Insurance Disputes and Violations Committee (IDVC) in Riyadh.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer and a member of the IsDB Group, has received an "AA-" Long-term Issuer Credit and Financial Strength Rating from Standard & Poor's (S&P), with a 'Stable' outlook.
Saudi Re has posted net profits of SAR124.4m ($33.2m) for 2023, compared to SAR76m for 2022, according to annual financial statements filed by the reinsurer with Tadawul. The increase was 64% or SAR 48m higher than the 2022 net profit.
2023 has seen the Saudi insurance industry bounce back strongly to profitability after an extremely challenging 2022, without any insurer reporting a net loss, points out Badri Management Consultancy, an international actuarial and business consulting company.
Saudi Reinsurance Company (Saudi Re) has announced that its board of directors has appointed Mr Ahmed Ali Al-Jabr as the acting CEO of the company, effective 1 April 2024.
The Company for Cooperative Insurance (Tawuniya), a Top Three insurer in Saudi Arabia, has formed a strategic partnership with Ejaro, a car rental platform company.