Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for both corporates and individuals, has delivered strong financial results for the first quarter of 2025.
The impact of intense price competition in medical and certain motor segments are now coming through in the Saudi insurance market, says Badri Management Consultancy, an international company specialising in actuarial and management consulting services.
Saudi Reinsurance has posted net profits after zakat attributable to shareholders of SAR35.4m in the first quarter of this year, 11.4% higher than in the corresponding quarter of 2023.
Gulf Union Alahlia Cooperative Insurance Company (Gulf Union) is expected to maintain combined ratios in the mid to high 90s in 2025 due to its underwriting and pricing discipline, says Fitch Ratings.
The Saudi insurance sector is projected to maintain a positive and strong growth trajectory in 2025, with top-line revenue growth forecast to fall in the double-digit zone, says the Insurance Authority (IA).
The Ministry of Culture has signed a Memorandum of Understanding (MoU) with the Insurance Authority to cooperate in preserving cultural assets and promoting the cultural insurance sector.
The board of Qatar Insurance Company (QIC), the market leader in Qatar and the MENA region, has approved the establishment of a branch in Saudi Arabia, the insurer said in a statement filed with the Qatar Stock Exchange.
Walaa Cooperative Insurance Co has received a no-objection letter from the Insurance Authority to acquire 88% of Aspire Underwriting Agency.
Wataniya Insurance Company's profitability is expected to remain strong despite competition, says Fitch Ratings.
Saudi Reinsurance has announced an upgrade of its Insurance Financial Strength Rating (IFSR) by Moody's Ratings to 'A2' from 'A3' with a 'Stable' outlook.