Saudi Arabia – SAR 30 billion insurance reserves
Wednesday, 04 18 2018, Category: Insurance and Reinsurance, Country: Saudi Arabia
Many insurance companies in the Saudi market announced that they are following the recommendations of the actuary regarding the increase in technical reserves during year 2017. This will raise the technical reserves of the sector to SAR 30 billion. The corrective measures taken by insurance companies will help them comply with regulatory requirements as well as follow the technical underwriting requirements.
Furthermore, this announcement follows the disclosure and transparency principle implemented in KSA. The increases in the technical reserves of insurance companies will strengthen the financial capabilities of insurance companies in order to honor liabilities toward policyholders and settle insurance claims in all insurance branches including health insurance.
Source: Riyadh newspaper