Arab Reinsurance Company: a new dimension
Home   |   Sitemap   |   Contact us
Follow us on
Is Climate Litigation Covered by Insurance? - Social Inflation or Science: What Is Fueling Climate Litigation? - Fortegra Europe Opens Branch in Czech Republic - Vantage launches Construction and Political risk business - UK Insurers Cautiously Willing to Underwrite Fire Safety Risks - Insurtech Foxquilt Raises $8M to Expand Small Business Offering in U.S. and Canada - Speciality Re/Insurer Convex Launches European Subsidiary With A- Rating From S&P - Debt surge in emerging markets may hurt insurance outlook: Swiss Re - Zurich Insurance Weighs Selling Some Australian Non-Core Assets - Reinsurers Face Major Claims Uncertainties, but Reap Benefits of Pricing Tailwinds - Corvus, SiriusPoint announce investment & underwriting capacity partnership - Munich Re backs energy storage systems provider ESS - Climate Change Could Force 200 Million People to Leave Their Homes by 2050 - Work of the scientific community and re/insurers needed to assess climate change: Lloyd’s - Gallagher Re Touts Advanced Integrated Reinsurance Analytics Platform - London Financial Employees Return to Offices Despite Rising Virus Cases - P/C Reinsurers Maintain Underwriting Discipline, Despite Rising Capacity: Guy Carpenter - Britain Looks to Revisit Data Privacy Regulations - WTW, Applied Systems target real-time pricing enhancements - Reinsurance environment “most attractive in a decade”: SCOR’s Launay - Willis Towers Watson’s New CEO Says It Has $5 Billion for Possible Acquisitions - Lloyd’s Reports H1 2021 Profit of £1.4B ($1.9B), with 92.2% Combined Ratio - Global Reinsurers Shoulder ‘Considerable Burden’ of COVID-19 Claims - “Inflation is the enemy of the re/insurance industry,” says Swiss Re CFO Léger - Global Reinsurance Rates, Demand to Continue Rising in 2022: Moody’s - Prudential’s Michael Koller joins MS Amlin as Chief Risk Officer - Rates need to and will harden further: Swiss Re CEO Mumenthaler - Russia’s Renaissance Insurance Plans $1 Billion IPO in Moscow: Reuters
Search Search
World News & Events
Enlarge Font Minimize Font

Saudi Arabia – Significant decrease in ins. profits in 2018

Thursday, 04 11 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
The pre-tax income for Saudi Arabia’s re/insurance sector declined roughly 28 per cent to about SR754 million ($201 million) from SR1.1 billion ($293 billion) in 2017, said S&P Global Ratings in a new report.

This assessment from the ratings company comes after 32 of the 33 listed re/insurance companies in Saudi Arabia published their end-2018 financial reports, S&P explained in the RatingsDirect report.

This follows a drop in net profits of about 55 per cent in 2017 from 2016. In addition, the sector posted a 3 per cent decline in gross premiums written (GPW) and a modest increase in overall shareholders' equity.
While 19 of the 32 companies reported weaker earnings in 2018 compared with 2017, Tawuniya and Medgulf, the second-largest and fourth-largest insurers by gross written premiums in the market, reported the largest losses. Tawuniya made a pre-tax loss of SR213 million and Medgulf a loss of SR205 million, mainly due to poor results in their medical books. We anticipate that both insurers will report significantly better results in 2019.

The gross written premium income of the 32 companies that reported their results declined in 2018, due to a combination of slow economic activity, the application of higher no-claims discounts for motor policies, and the departure of more than 1 million expatriates in 2018 as a result of higher taxes on foreigners and more restrictive Saudization policies.


Source: Zawya
All copyrights reserved, Arab Reinsurance 2016 ©