News Middle East17 Dec 2019

Saudi Arabia:Insurance sector may see first 100% foreign owned broker in 2020

| 17 Dec 2019

With the Saudi Aramco IPO finally getting over the line, the international insurance community is watching developments in Saudi Arabia with interest.

“We predict that 2020 will see the first 100% foreign owned insurance broker operating in the country,” said Mr Dermot Dick, head of treaty production at New Dawn Risk, a London-based specialist insurance intermediary focusing on all lines of liability insurance and related specialty classes of business.

He said, “We have already seen the shifting of power to a much younger generation in the Royal family who have brought in a number of striking initiatives. The move to begin the emancipation of women by allowing them to drive was widely welcomed, as was the anti-corruption drive that saw senior princes, ministers and prominent businessmen rounded up and the recovery of more than $100bn.

“But for investors the biggest step to date came in June with the removal of restrictions on foreign ownership of listed companies in a move to open up the Saudi capital market and the economy to the outside world.”



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