Gulf Union Alahlia Cooperative Insurance Company (Gulf Union) is expected to maintain combined ratios in the mid to high 90s in 2025 due to its underwriting and pricing discipline, says Fitch Ratings.
The Saudi insurance sector is projected to maintain a positive and strong growth trajectory in 2025, with top-line revenue growth forecast to fall in the double-digit zone, says the Insurance Authority (IA).
The Ministry of Culture has signed a Memorandum of Understanding (MoU) with the Insurance Authority to cooperate in preserving cultural assets and promoting the cultural insurance sector.
The board of Qatar Insurance Company (QIC), the market leader in Qatar and the MENA region, has approved the establishment of a branch in Saudi Arabia, the insurer said in a statement filed with the Qatar Stock Exchange.
Walaa Cooperative Insurance Co has received a no-objection letter from the Insurance Authority to acquire 88% of Aspire Underwriting Agency.
Wataniya Insurance Company's profitability is expected to remain strong despite competition, says Fitch Ratings.
Saudi Reinsurance has announced an upgrade of its Insurance Financial Strength Rating (IFSR) by Moody's Ratings to 'A2' from 'A3' with a 'Stable' outlook.
The Saudi insurance market saw mixed financial results in the motor and medical lines in 2024, according to an analysis by Badri Management Consulting, an international actuarial and risk consultancy firm. These two branches are the main pillars of the Saudi insurance sector, contributing a combined 84% of total insurance revenue in 2024.
The 25 listed direct insurers in Saudi Arabia reported a combined profit after zakat of SAR3.2bn for 2024, 2% lower than the SAR3.3bn chalked up for 2023. The profits fell despite the combined investment income jumping 21%, from SAR2.6bn in 2023 to SAR3.1bn in 2024, according to an analysis by Badri Management Consulting, an international actuarial and risk consultancy firm.
The Council for Cooperative Health Insurance, a government body, has unveiled a project to update the Unified Insurance Medicines Guide, which enables beneficiaries to access essential medicines and support them in disease management while ensuring patient safety and quality healthcare.