KSA – Price wars and admin. decrease ins profits
Thursday, 03 15 2018, Category: Insurance and Reinsurance, Country: Saudi Arabia
A number of insurance sector experts said the administrative situation of some insurers and the continuous price wars led 7 insurance companies to achieve financial losses. The expected the economic and financial results of insurers to lead to mergers during the next three years, so the number of insurers will decrease to 14-15 companies.
The insurance expert Mr. Louay Abdo said that the losses of companies are related to the internal administration rather than their financial conditions. Additionally, some companies are continuously practicing price wars whatever their profits or losses will be.
Source: Al Arab News