Tadawul-listed Rasan Information Technology Co has announced that its subsidiary, Tameeni Electronic Insurance Broker, has obtained a no-objection letter from the Saudi Insurance Authority to sell comprehensive motor insurance for leased vehicles.
The Insurance Authority has signed a memorandum of understanding (MoU) with the General Organization for Social Insurance (GOSI) to cooperate in providing insurance products and services, developing related electronic and digital transactions, exchanging expertise, and enhancing business development between the two sides, to enhance beneficiary satisfaction.
The chairman of the Insurance Authority, Mr Abdulaziz Al-Bouq, has announced the launch of the regulator's experimental environment platform for the insurance sector, during the FinTech 24 Conference in Riyadh.
One of the biggest Saudi insurers, Tawuniya, has signed several new agreements at a FinTech event in Riyadh, with the insurer looking to make more investments.
Bahrain-based Saudi Arabian Insurance Company (Damana) showed a steady improvement in its underwriting results in 2023 and the first half of 2024, driven largely by a reduction in its expense ratio, notes AM Best.
The Company for Cooperative Insurance (Tawuniya), among Saudi Arabia's top three insurers in terms of insurance revenue and profits, has a Fitch Ratings calculated net income return on equity that improved to 34% (annualised) in 1H24 (2023: 18%, 2022: 10%), supported by strong underwriting performance and resilient investment income.
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.