Saudi Arabia – Insurance profits increase by 157%
Tuesday, 04 18 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
Mr. Basem Odeh Chairman of the Insurance Executive Committee confirmed that the insurance sector achieved positive results during year 2016. The consolidated profits of the 34 insurance companies increased by 157% compared to the previous year. Total written premiums reached SAR 36.7 billion with a 0.7% growth compared to the previous year.
Moreover, the Insurance General Committee will hold the “4th Saudi Insurance Symposium” at King Fahd Cultural Center in Riyadh on 30 April and it will last for two days under the patronage of His Excellency Mr. Ahmed Abdulkarim Alkholifey governor of the Saudi Arabian Monetary Authority. Mr. Odeh added that this Symposium will tackle important issues including the challenges and opportunities of the sector according to Vision 2030. Additionally it will try to offer solutions to most of the challenges facing the insurance sector in the kingdom by setting a plan to treat these challenges and developing a new vision for the future of the insurance sector and its role in the broader economy.
Source: Al Madina Newspaper