The Council for Cooperative Health Insurance, a government body, has unveiled a project to update the Unified Insurance Medicines Guide, which enables beneficiaries to access essential medicines and support them in disease management while ensuring patient safety and quality healthcare.
Listed insurance companies in Saudi Arabia recorded a 15.2% growth in insurance revenue to SAR66.4bn ($17.7bn), compared to SAR57.7bn in 2023.
Fitch Ratings has placed Al Sagr Cooperative Insurance Company's (Al Sagr) 'BBB' Insurer Financial Strength (IFS) and 'A+(sau)' National IFS Rating on 'Rating Watch Negative' (RWN).
The Company for Cooperative Insurance (Tawuniya has announced its board's recommendation to pay cash dividends totalling SAR225m ($60m) for 2024.
Arabian Shield Cooperative Insurance (ASC) managed to price the motor lines prudently, allowing it to generate underwriting profitability in 2024, notes Fitch Ratings.
The Saudi Insurance Authority (IA) and other stakeholders in the insurance market are conducting a study on whether or not to scrap insurers' requirements for their approval for health insurance services.
The year 2024 turned out to be more challenging than 2023 for many smaller insurance companies, says Badri Management Consulting, an international company specialising in actuarial services.
The Saudi Council of Health Insurance has issued a decision requiring all government healthcare facilities to contract with health insurance companies, with effect from 1 July 2025.
Saudi Reinsurance Co (Saudi Re) yesterday announced that it posted a net profit after zakat and attributable to shareholders of SAR474.8m ($126.6m) for 2024. This figure is 281% higher than the SAR124.4m chalked up in 2023.
The Financial Academy has been accredited by the Chartered Insurance Institute (CII) as an approved professional development centre (APDC), both organisations have announced in a joint statement.