LINK Ltd, the Bermuda-based reinsurance broker has acquired a majority share in Al Afaq, a prominent reinsurance broker established and operating in the kingdom of Saudi Arabia.
The Insurance Authority (IA) has approved the merger of Gulf General Cooperative Insurance Company (GGI) and Gulf Union Ahlia Cooperative Insurance Company (GUAI), announced the two insurers on the Saudi stock exchange Tadawul last week.
According to a digital report published by Marsh, (re)insurers in the Middle East are "eager to expand their property portfolios".
The Saudi Capital Market Authority and the Insurance Authority have signed an agreement to develop the financial market and insurance sector in the kingdom.
Saudi Arabian health authorities have imposed penalties on several employers, who have failed to provide health insurance cover to their employees and families.
Bupa Arabia has registered an increase of net profit (after zakat) for 2024, up 24% to SAR 1.16bn ($313m) from SAR 940.2m in 2023. However, the insurer faced headwinds in the fourth quarter, with net income missing market estimates by a big margin.
The Kingdom of Saudi Arabia's insurance industry expansion is closely tied to its Vision 2030's initiatives, including mandatory motor insurance and bolstered social welfare systems, which have significantly increased the demand for insurance products, according to a press release on Zawya.
Despite uncertainties, great majority of insurance CEOs in Saudi Arabia are confident in their company's growth prospects over the next three years, though talent gaps could bear negative impacts, according to a report released by the global services firm, KPMG.
WTW has recruited Mohammed AlSudairy to lead its newly launched reinsurance broking business in Saudi Arabia.
Saudi Arabia insurer Wataniya Insurance is delivering exceptional car insurance solutions to its customers through a customer-first approach. It continues to set the standard for transparency and innovation in the industry, particularly in the areas of Comprehensive and Third-Party Liability (TPL) motor insurance.