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.
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.