The Insurance Authority and the Saudi Red Sea Authority (SRSA) have signed a cooperation agreement to launch insurance products that cover risks associated with all coastal tourism activities through local insurance companies.
The Saudi Reinsurance Company (Saudi Re) posted a surge of 351% in net profit after zakat to SAR475m ($126.5m) for the nine months ended 30 September 2024.
WTW, a leading global advisory, broking and solutions company, has announced that it has secured an insurance license to act as an insurance broker in Saudi Arabia.
Moody's Ratings has affirmed ICIEC's 'Aa3' Insurance Financial Strength Rating (IFSR) with a 'Stable' outlook for the 17th consecutive year, underscoring its strong standalone credit profile and ongoing support from key shareholders, including the Islamic Development Bank (IsDB) and sovereign members of the Organization of Islamic Cooperation (OIC).
The Saudi Arabian index value increased slightly to 60.5 in 2024 from 59.5 in 2023, according to the Mercer CFA Institute Global Pension Index. The kingdom's retirement income system is positioned 28th among 48 pension systems worldwide.
Saudi Arabia-based AMAN Union, the leading professional forum for commercial and non-commercial risk insurers and reinsurers, has signed a corporate training services agreement with UAE-based RISC Institute DMCC, a regional training institution specialising in talent development for the insurance, risk management, personal finance sectors.
The Insurance Authority and the Ministry of Human Resources and Social Development (MHRSD) have launched a new insurance service to protect the rights of expatriate workers in the private sector.
Saudi Reinsurance Company has announced the appointment of Mr Ahmed Al-Jabr as its new CEO, effective 1 October 2024.
Residential property rental insurance business is growing with increased demand for daily or short-term rental of residential units during the tourist season in Saudi Arabia.
Saudi Enaya Cooperative Insurance has received approval from the Capital Market Authority (CMA) to increase its capital through a rights issue.