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Saudi Arabia tag returned 638 results

  • Saudi Arabia: Insurance body establishes cyber security sub-committee

    Saudi Insurance, a body representing the interests of insurance companies in the kingdom, has established a cyber security sub-committee, following approval from the Insurance Authority.

    Middle East | 21 May 2024
  • Saudi Arabia: Insurance market continues profitable trend in 1Q

    The record profitability (after zakat & tax) seen in the insurance industry in 2023 has continued in 2024 with the sector reporting a 48% upsurge in net profits to SAR879m ($234m) in 1Q2024 from SAR594m in 1Q2023, says Badri Management Cosultancy.

    Middle East | 20 May 2024
  • Saudi Arabia: Cultural insurance takes root

    With the launch of cultural insurance in April 2024 in Saudi Arabia covering artworks and cultural assets, insurance companies are beginning to provide insurance products for the cultural and heritage sector, according to the official spokesman for the Saudi Ministry of Culture, Mr Abdulrahman Almutawa.

    Middle East | 16 May 2024
  • Saudi Arabia: Wataniya shows strong financial performance

    Wataniya Insurance Company has reported a significantly improved net profit of SAR85m ($22.7m) in 2023 (under IFRS17 accounting standards) versus a net loss of SAR28m in 2022, notes Fitch Ratings.

    Middle East | 15 May 2024
  • Saudi Re's 1Q net profit surges by 184%

    Saudi Reinsurance Company (Saudi Re) has posted a net profit after zakat of SAR31.8m ($8.5m) for 1Q2024, almost three times the SAR11.2m for the corresponding quarter in 2023, with growth of 184%.

    Middle East | 12 May 2024
  • Saudi Arabia: Direct channel dominates sales but market share dips

    The sales of insurance policies directly by insurance companies still dominate the Saudi insurance market, as the percentage of policies sold through insurers was around 50.3% in 2023, compared to 46.1% through insurance brokers and 3.6% by insurance agencies.

    Middle East | 08 May 2024
  • Saudi Arabia: Fitch assigns Arabian Shield 'A-' IFS Rating

    Arabian Shield Cooperative Insurance Company (ASC) has been assigned an Insurer Financial Strength (IFS) Rating of 'A-' by Fitch Ratings.

    Middle East | 01 May 2024
  • Saudi Arabia: Govt to insure historical sites

    The Ministry of Culture and the Insurance Authority are working together on a project to insure historical buildings.

    Middle East | 25 Apr 2024
  • Saudi Arabia: Allianz and ADNIC complete insurance M&A deal

    Allianz Group has completed the disposal of its 51% stake in Allianz Saudi Fransi to Abu Dhabi National Insurance Company (ADNIC), a multiline regional insurance provider based in the United Arab Emirates and listed on the Abu Dhabi Stock Exchange.

    Middle East | 21 Apr 2024
  • Saudi Arabia: Regulation on Saudisation of all insurance sales jobs takes effect

    The Ministry of Human Resources and Social Development has announced that the government's decision to Saudise all jobs related to the sales of insurance products had taken effect from 15 April.

    Middle East | 17 Apr 2024