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.
Revenue generated by the motor insurance branch is expected to outpace the growth of Saudi Arabia's overall insurance market due to ongoing efforts to reduce the number of uninsured vehicles, according to a Standard & Poor's (S&P) analyst. The overall market is expected to grow by 15-20% in 2024.
Gulf Union Al Ahlia Cooperative Insurance Company signed a non-binding Memorandum of Understanding (MOU) with Gulf General Cooperative Insurance Company 7 August 2024 to evaluate a potential merger between the two companies.
Al-Etihad Cooperative Insurance Company has announced that it has received an Insurance Financial Strength Rating (IFSR) of 'A3' with a 'Stable' outlook from Moody's Ratings.
The Saudi Ministry of Culture has launched an cultural insurance product, which provides insurance coverage for those in charge of cultural assets and collectors of works of art, offering protection against potential damage.
The Saudi insurance industry's profitability (after zakat & tax) rose by 26% to SAR2.2bn ($586m) in 1H2024 from SAR1.7bn in the corresponding half in 2023.
The net profit after zakat attributable to shareholders of the Saudi Reinsurance Company increased by 5.8% to SAR75.28m ($20.05m) in the first half of this year, compared to the corresponding half in 2023, according to financial data lodged by the reinsurer with the Saudi bourse.
The Company For Cooperative Insurance (Tawuniya) is well diversified across insurance lines with a solid competitive profile, says Fitch Ratings.
Saudi Arabia's Health Sector Transformation Programme has reported a 54% decrease in the traffic accident death rate in 2023, with the rate falling to 13.6 deaths per 100,000 people, compared to 28.41 deaths per 100,000 people in 2016.
Two insurers have signed a non-binding memorandum of understanding to explore a potential merger between them, according to separate announcements made by the companies yesterday.