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.
The Insurance Authority (IA) says that it and the country's insurance sector was unaffected by the 19 July massive global tech outage.
Saudi Arabia has made a breakthrough in pension reform with the recent announcement of comprehensive changes, aimed at enhancing income protection during old-age and promoting gender equality, according to a blog posted on the website of the World Bank.
Najm for Insurance Services Company (Najm) has launched a new telematics initiative to improve road safety in Saudi Arabia. The motor services company has already partnered with a number of insurance companies to adopt the new telematics system.
Saudi Reinsurance Company has completed all procedures for the sale of its entire 49.9% stake in Probitas Holdings (Bermuda) to Aviva Insurance for GBP123m ($160m).
The Saudi government has launched the Cooperative Insurance Initiative to mitigate losses caused by plant pests and animal diseases in the agricultural industry.