The Saudi Insurance Authority (IA) is monitoring health insurance fraud indicators to develop the necessary legislative measures to curb such crime, in cooperation with criminal investigation agencies.
Saudi Reinsurance Company (Saudi Re) has announced its financial results for the first half of 2025 with net profit attributable to shareholders reaching SAR88m ($23.5m), marking a 17% increase year-on-year.
Amana Cooperative Insurance has announced the decision of its board of directors to appoint Mr Rachid Salim Abi Nader as CEO, dated 26 June 2025. The company obtained the Insurance Authority's non-objection to the appointment on 28 July 2025.
The Bahrain Institute of Banking and Finance (BIBF) has announced the launch of a fully online and self-paced course on Anti-Money Laundering (AML), designed specifically for professionals in the insurance sector in the Kingdom of Saudi Arabia.
The Mediterranean and Gulf Insurance and Reinsurance Company (Medgulf) and Buruj Cooperative Insurance Company (Buruj) have entered into a binding merger agreement, both companies announced in separate statements lodged with the Saudi bourse (Tadawul) on 26 July.
The board of directors of Allied Cooperative Insurance Group (ACIG) has recommended an increase to the company's capital through a share offering with the suspension of rights issue shares.
The Consultative Assembly of Saudi Arabia is requesting the Insurance Authority (IA) to study the possibility of amending the system for filing insurance claims for minor accidents, allowing drivers to submit them directly to insurers.
Price competition remained intense in the Saudi Arabian medical and motor insurance markets throughout 2024, says Fitch Ratings. However, the global credit rating agency expects The Company for Cooperative Insurance's (Tawuniya) underwriting discipline and scale benefits to help maintain the insurer's very strong financial performance over the medium term.
Riyadh-based Yasmina, the pioneering embedded insurance platform in Saudi Arabia, has successfully secured $2m in seed funding.
The Saudi insurance industry has reported growth in total premium income for the first quarter of the year, while the net income saw a notable setback, according to the Insurance Authority's latest quarterly report.