Saudi Reinsurance Company (Saudi Re) has posted a net profit after zakat of SAR31.8m ($8.5m) for 1Q2024, almost three times the SAR11.2m for the corresponding quarter in 2023, with growth of 184%.
The sales of insurance policies directly by insurance companies still dominate the Saudi insurance market, as the percentage of policies sold through insurers was around 50.3% in 2023, compared to 46.1% through insurance brokers and 3.6% by insurance agencies.
Arabian Shield Cooperative Insurance Company (ASC) has been assigned an Insurer Financial Strength (IFS) Rating of 'A-' by Fitch Ratings.
The Ministry of Culture and the Insurance Authority are working together on a project to insure historical buildings.
Allianz Group has completed the disposal of its 51% stake in Allianz Saudi Fransi to Abu Dhabi National Insurance Company (ADNIC), a multiline regional insurance provider based in the United Arab Emirates and listed on the Abu Dhabi Stock Exchange.
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.