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.
The Saudi Central Bank intends to require listed financial institutions under its supervision to provide insurance coverage for board members against professional errors and failures.
Al Rajhi Cooperative Insurance Company (Al Rajhi Takaful), the third largest insurer in Saudi Arabia in terms of premium volume, has reported a net profit after zakat attributable to the shareholders of SAR332.34m ($88.58m) in 2024, 1.30%, higher than the SAR328.06m chalked up in 2023.
Premium growth in Saudi Arabia in recent years has been substantial, thanks to rapid economic expansion, rate adjustments, and the adoption of new mandatory covers, according to S&P Global Ratings (S&P) credit analyst Emir Mujkic.
Demand for Islamic finance will continue to rise as strong economic activity in the Gulf Cooperation Council (GCC) and Southeast Asia is supported by diversification agendas, investment inflows and population growth, reported Bernama News Agency quoting a Moody's Ratings (Moody's) report.
The Company for Cooperative Insurance (Tawuniya), one of Saudi Arabia's biggest insurers, has posted a net income after zakat of SAR1.02bn ($272.5m) in 2024, compared to SAR616.4m in the previous year, an increase of 65.8%, according to a company statement lodged with Tadawul.
Saudi Enaya Cooperative Insurance Company and Salama Cooperative Insurance Company have issued separate statements announcing the signing of a non-binding Memorandum of Understanding (MoU) on 25 February 2025 to evaluate a potential merger between the two companies.
The GCC healthcare industry is poised for strong growth driven by macro-economic factors, the expansion of mandatory health insurance and a growing and ageing population, according to UAE-based Alpen Capital, an investment banking advisory firm.