Tree Digital Insurance Agency has launched the first pet insurance service in Saudi Arabia, to meet the needs of pet owners and to add innovation to the digital insurance market.
International actuarial consulting firm Badri Management Consultancy says that it sees growth in the profitability of the Saudi Arabian insurance market.
Liva Insurance KSA has appointed SNB Capital as a financial advisor for its proposed merger with Malath Cooperative Insurance Company, according to a statement the former lodged with the Saudi Stock Exchange (Tadawul).
Tadawul-listed Rasan Information Technology Co has announced that its subsidiary, Tameeni Electronic Insurance Broker, has obtained a no-objection letter from the Saudi Insurance Authority to sell comprehensive motor insurance for leased vehicles.
The Insurance Authority has signed a memorandum of understanding (MoU) with the General Organization for Social Insurance (GOSI) to cooperate in providing insurance products and services, developing related electronic and digital transactions, exchanging expertise, and enhancing business development between the two sides, to enhance beneficiary satisfaction.
One of the biggest Saudi insurers, Tawuniya, has signed several new agreements at a FinTech event in Riyadh, with the insurer looking to make more investments.
The chairman of the Insurance Authority, Mr Abdulaziz Al-Bouq, has announced the launch of the regulator's experimental environment platform for the insurance sector, during the FinTech 24 Conference in Riyadh.
Bahrain-based Saudi Arabian Insurance Company (Damana) showed a steady improvement in its underwriting results in 2023 and the first half of 2024, driven largely by a reduction in its expense ratio, notes AM Best.
The Company for Cooperative Insurance (Tawuniya), among Saudi Arabia's top three insurers in terms of insurance revenue and profits, has a Fitch Ratings calculated net income return on equity that improved to 34% (annualised) in 1H24 (2023: 18%, 2022: 10%), supported by strong underwriting performance and resilient investment income.
Liva Group, a leading multi-line insurer in the GCC, has said that a potential merger between Liva Insurance Company (Liva KSA) and Malath Cooperative Insurance Company was part of a strategy to expand its footprint in Saudi Arabia.