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.
Moody's Ratings has affirmed ICIEC's 'Aa3' Insurance Financial Strength Rating (IFSR) with a 'Stable' outlook for the 17th consecutive year, underscoring its strong standalone credit profile and ongoing support from key shareholders, including the Islamic Development Bank (IsDB) and sovereign members of the Organization of Islamic Cooperation (OIC).
The Saudi Arabian index value increased slightly to 60.5 in 2024 from 59.5 in 2023, according to the Mercer CFA Institute Global Pension Index. The kingdom's retirement income system is positioned 28th among 48 pension systems worldwide.
Saudi Arabia-based AMAN Union, the leading professional forum for commercial and non-commercial risk insurers and reinsurers, has signed a corporate training services agreement with UAE-based RISC Institute DMCC, a regional training institution specialising in talent development for the insurance, risk management, personal finance sectors.