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.
The Saudi insurance market saw mixed financial results in the motor and medical lines in 2024, according to an analysis by Badri Management Consulting, an international actuarial and risk consultancy firm. These two branches are the main pillars of the Saudi insurance sector, contributing a combined 84% of total insurance revenue in 2024.
The 25 listed direct insurers in Saudi Arabia reported a combined profit after zakat of SAR3.2bn for 2024, 2% lower than the SAR3.3bn chalked up for 2023. The profits fell despite the combined investment income jumping 21%, from SAR2.6bn in 2023 to SAR3.1bn in 2024, according to an analysis by Badri Management Consulting, an international actuarial and risk consultancy firm.
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.