Over the past decade Saudi Arabia’s insurance industry has become an important contributor to the Kingdom’s economy. In 2011 the sector brought in gross written premiums (GWPs) of SR18.5bn ($4.93bn), up nearly 13% from SR16.4bn ($4.37bn) the previous year, according to official data from the Saudi Arabian Monetary Agency (SAMA...
Financial Services
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Articles & Analysis | Towards maturity: Increased awareness among the growing population has the potential to help boost revenues from The Report: Saudi Arabia 2013
Interviews & Viewpoints | Dr Metaib Al Rawqi, CEO, Weqaya Insurance, on the changing picture of the Kingdom’s insurance industry from The Report: Saudi Arabia 2013
After years of steady growth, and a phenomenal recent double-digit surge, the Saudi insurance market is demonstrating signs that it is entering a transitional phase. This has yielded an increase in the number of insurance companies in the Kingdom, and offers significant opportunities for international investors to meet the needs of the market and further penetrate the...
Articles & Analysis | Shaping up: A survey of the sector’s regulatory environment from The Report: Saudi Arabia 2013
The Saudi Arabian Monetary Agency (SAMA), the Kingdom’s central bank, is widely viewed as one of the top insurance regulators in the Middle East and North Africa (MENA) region. According to an October 2012 report released by AM Best, an international ratings agency, SAMA is “well respected locally” and is “one of the more...
Articles & Analysis | New business: Changes in the mortgage market bode well for the insurance industry from The Report: Saudi Arabia 2013
In early July 2012 Saudi Arabia’s cabinet approved a legislative package that is expected to completely overhaul the Kingdom’s mortgage market. The new mortgage framework, which has been in development for more than a decade, is expected to be put in place by the end of 2012, though it could potentially be pushed to early 2013....
Interviews & Viewpoints | Patrice Couvegnes, CEO, Banque Saudi Fransi, and Bernd van Linder, Managing Director, Saudi Hollandi Bank: Interview from The Report: Saudi Arabia 2013
In what way will Basel III affect the ability of banks to offer new products and services?
Interviews & Viewpoints | OBG talks to Abdullah Al Sharif, Secretary-General, Council of Cooperative Health Insurance (CCHI) from The Report: Saudi Arabia 2013
What steps are being taken to implement mandatory insurance for Saudis in the private sector?