Foreign reinsurers soon in Saudi Arabia
Wednesday, 09 05 2018, Category: Insurance and Reinsurance, Country: Saudi Arabia
The spokesperson of insurance companies Mr. Adel Al Issa told “Al Yaum” newspaper that foreign reinsurers will open branches in KSA soon. This would be possible with the adoption of legislations allowing the registration of foreign companies.
Moreover, Mr. Al Issa said that there is one specialized reinsurance company in the Kingdom, so all local insurance companies deal with it noting that it also uses foreign capacity.
Furthermore, Mr. Al Issa said that reinsurance plays a crucial role in supporting the economy, providing additional capacity that allows to write more risks and writing more business without using capital. This helps insurers play their role in insuring infrastructure and development projects in the Kingdom.