Saudi Arabia – Call for new products answering all needs
Tuesday, 05 10 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Chief Executive Officer of Tawuniya Mr. Raed bin Abdullah Al-Tamimi expected that the growth rate of the insurance sector during the current year of 2016 will decrease given the economic conditions noting that the growth rate reached 20 percent during the past year. He indicated that the market needs new insurance products that answer the needs of all categories.
Mr. Al-Tamimi said in a discussion with “Al Hayat” that the insurance market is growing at a high rate but he “wondered whether this growth rate will go on and whether new systems or new products will be introduced to support the insurance market?”. He indicated that “in case the current situation prevails, there will not be a high growth rate compared to other countries. Insurance growth was 20% in KSA last year. But in year 2016 the growth rate will decrease due to the economic conditions despite that its growth will remain higher than other economic sectors. But despite all this the size of insurance is limited”.
Source: Al Hayat