RIYADH: The Kingdom’s insurance sector closed the financial year 2020 on a high note with the aggregate net profit of local insurance firms, except for the Saudi Indian Company for Cooperative Insurance, rising to SR1.443 billion ($0.38 billion) in Q4, an increase of 47 percent year-on-year, according to data compiled by the financial news service Argaam.
There were 13 insurers recording higher profits in 2020, led by the Mediterranean and Gulf Insurance and Reinsurance Co., which surged 1,081 percent, the Saudi Arabian Cooperative Insurance Co., which increased 545 percent, and the Gulf General Cooperative Insurance Co. which saw net income up 397 percent.
The sector finished out the tough year on a high note mainly thanks to government support.
Financial Academy organizes EGF, discusses challenges facing insurance sector March 16, 2021
RIYADH The Financial Academy will be organizing the Economic Growth Forum (EGF) virtually to discuss issues related to insurance sector development in the Kingdom of Saudi Arabia.
During the virtual forum, which is scheduled to kick off at 1:00 p.m. on Tuesday, March, 23, 2021, executives and experts in the insurance sector and government leaders will be discussing a number of key topics, including the leading role of the Saudi Central Bank in achieving sustainable insurance growth, the impact of COVID-19 pandemic on the insurance industry as well as challenges facing the sector, especially with regard to health insurance.