SAMA expects new mergers in the Saudi ins. Sector
Thursday, 03 05 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Abdullah Al-Tuwaijri, General Manager of Insurance Supervision at the Saudi Arabian Monetary Agency (SAMA), expected that the insurance sector in the Saudi market will witness in the near future, signing agreements to discuss the feasibility of a number of mergers.
Al-Tuwaijri said that the merger of the “Walaa Cooperative Insurance” and “MetLife” and the American International Group and the Arab National Bank for Cooperative Insurance “that took place at the beginning of this month, in addition to the initial memoranda of understanding that were announced recently to discuss the feasibility of three mergers in the sector, represents the beginning of the results of the institution’s pursuit To achieve its goals towards the insurance sector.
He pointed out that this merger will benefit the two companies through reducing costs, improving efficiency, raising market share, strengthening financial solvency, and attracting and maintaining qualified human competencies, according to the Saudi Economic Newspaper.
Al-Tuwaijri pointed out that the recent merger will raise the sector’s contribution to the Kingdom’s GDP and enhance competition and innovation in it.