Saudi Arabian market News

Saudi Arabia’s Regulator Plans to Raise Capital Requirements for Insurers

Saudi Arabia is working on new regulations that would raise capital requirements for the kingdom’s overcrowded insurance sector, its central bank governor said in an interview with Bloomberg TV. The new rules would “make the market more attractive to foreign …

Saudi Women Finally Hit the Road as Driving Ban Ends

They hit the road in celebratory packs, whooping and ululating for joy. Teenagers gathered on Riyadh’s main boulevard to gawk. Men cracked jokes about how lucky they were to no longer have to chauffeur their wives around. Saudi Arabia’s infamous …

Saudi Insurers Need More Consolidation, Foreign Input, Says Regulator

Saudi Arabia’s insurance industry needs more consolidation and foreign input to help create solid companies capable of competing in the oil-rich nation’s crowded market, the country’s central bank chief said. “There are some small firms I don’t believe are capable …

Saudi Arabia Develops Stronger Capital Rules for Insurers: Sources

Saudi Arabia’s central bank is preparing tougher rules for insurance companies as part of a drive to create a smaller number of stronger market players operating in the country, two people with direct knowledge of the matter told Reuters. A …

SABB Takaful Must Stop Selling Insurance, Savings Products: Saudi Watchdog

Saudi Arabia’s financial regulator has stopped Sharia-compliant insurer SABB Takaful from issuing or renewing insurance or savings products, citing weaknesses in the firm’s internal controls. The Saudi Arabian Monetary Agency (SAMA) has also asked the company to appoint a consultant …

Saudi Decision to End Women’s Driving Ban Boosts Auto Insurers’ Shares

Saudi Arabia’s decision to end a driving ban for women is likely to save families billions of dollars, boost industries from car sales to insurance, and reassure investors that the kingdom’s push to diversify its economy beyond oil is on …

A.M. Best: Saudi Market Returning to Profitability

The Saudi insurance market continued its strong growth over the first half of 2014 with gross written premium expanding 24 percent compared with the first half of 2013, according to a new Best’s briefing. The briefing, titled, “Saudi Market Rebounds …

Best Reports Competition, Top-Line Growth Affected Saudi Insurers in 2013

A report from A.M. Best notes that “Saudi Arabia’s insurance market remains one of the main markets within the Gulf Cooperation Council (GCC), with premiums expected to surpass the United Arab Emirates over the next five years. “The insurance market …