Vehicle insurance prices have risen by more than 50%, sparking calls for a review of motor insurance pricing, especially for motorists who have accident-free records.
Jeddah-headquartered Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, signed a wide-ranging Memorandum of Understanding (MoU) with Abu Dhabi Future Energy Company (Masdar) last week.
The Saudi Central Bank (SAMA) has made amendments to the Unified Compulsory Motor Insurance Policy, that provide among other things an option where the third party is entitled to choose between direct cash compensation, or to get the damaged vehicle repaired.
Jeddah-headquartered Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group, has inducted Azerbaijan as its 49th member state.
The costs of insurance for pilgrims on the 2023 Hajj and Umrah have been reduced by 73% and 63% respectively, announced Dr Tawfiq Al-Rabiah, Minister of Hajj and Umrah.
Saudi Reinsurance Company (Saudi Re) has obtained a 'A-' long-term issuer credit and insurer financial strength rating and 'gcAAA' regional-scale rating from S&P Global Ratings, with a 'Stable' outlook.
Saudi Enaya Cooperative Insurance and United Cooperative Assurance announced the signing of a non-binding Memorandum of Understanding (MoU) between themselves to evaluate potential merger between the two sides.
Bermuda-based Stellar Insurance, an indirect wholly-owned captive insurer of Saudi Arabian Oil Company (Aramco), has reported strong operating results over the past five years, mainly driven by robust underwriting profits in the absence of large losses, as evidenced by a five-year (2017-2021) weighted average combined ratio of 14.6%, notes AM Best.
The Saudi Central Bank (SAMA), in cooperation with the Financial Academy, has announced the kickoff of a qualification programme to boost financial management talent in the insurance sector.
More than half (52%) of Saudis in need of psychological care decide to overcome such illnesses by themselves instead of seeking professional care, according to Mr Bassem Albeladi, co-founder and CEO of Labayh, a comprehensive mental health app available in Saudi Arabia and the Arab region.