Top-line growth in Saudi Arabia's insurance sector will moderate to about 10%-15% in 2025, after strong growth since 2022 and a 17% increase in insurance revenue in third-quarter 2024, forecasts S&P Global Ratings (S&P).
The Capital Market Authority (CMA) has approved a plan by Saudi Reinsurance Company (Saudi Re) to increase its capital through a new share issuance. The approval was granted on 25 November 2024, according to a stock exchange statement issued by Saudi Re.
Al Rajhi Cooperative Insurance Company has announced that it maintains its Insurance Financial Strength Rating (IFSR) of 'A3' with a 'Stable' outlook from Moody's Ratings (Moody's).
Saudi Arabia is expected to see an increase in mergers and acquisitions (M&A) in its insurance sector as the GCC region enters a significant consolidation phase.
The Insurance Authority has issued a circular that will require at least 30% of all reinsurance treaties (proportional and non-proportional) to be ceded to licensed reinsurance companies In the kingdom, said Saudi Reinsurance Company (Saudi Re).
The insurance industry's profitability (after-zakat & tax) in the Kingdom of Saudi Arabia (KSA) stood at SAR3.0bn ($800m) in the first nine months of 2024, growing by 15% from SAR2.6bn in the corresponding period in 2023, according to a report by Badri Management Consultancy which provides consulting services in the actuarial, strategic and technology fields.
Insurance spending per capita increased by 30% to SAR2,034 ($541.50) in 2023 from SAR1,564 in 2022 in Saudi Arabia, according to the Insurance Authority (IA).
The Insurance Authority and the Saudi Red Sea Authority (SRSA) have signed a cooperation agreement to launch insurance products that cover risks associated with all coastal tourism activities through local insurance companies.
The Saudi Reinsurance Company (Saudi Re) posted a surge of 351% in net profit after zakat to SAR475m ($126.5m) for the nine months ended 30 September 2024.
WTW, a leading global advisory, broking and solutions company, has announced that it has secured an insurance license to act as an insurance broker in Saudi Arabia.