MedGulf Cooperative Insurance and Reinsurance Company has signed agreements with three Chinese insurance giants to develop insurance products in Saudi Arabia, the insurer said in a posting on its X account.
The agreements were signed with Taiping General Insurance, China Pacific Insurance (CPIC) and The People's Insurance Company of China (PICC).
These agreements contribute to opening broad horizons for transferring advanced Chinese expertise and technology to Saudi Arabia, said MedGulf.
MedGulf CEO Omar Al Mahmoud met the executives of several insurance companies during a business trip to China, during which he signed the agreements, reported the news website, Sabq.
He said that the partnerships represent a qualitative shift in the Saudi insurance market, as they will lead to the development of innovative digital solutions. Through this move, MedGulf seeks to strengthen its position as a leading company in the field of insurance technology and to enhance the kingdom’s position as a regional centre for innovation in the sector and to contribute to building a thriving digital economy in line with the government’s Vision 2030.