https://arab.news/caf64
RIYADH: 黑料社区 has become an attractive market for international players in the insurance and reinsurance sector, with rising interest from foreign companies in entering the Kingdom,
The Saudi Insurance Authority is holding discussions with about four foreign companies considering entering the reinsurance market, revealed the Authority鈥檚 Chairman, Naji Al-Tamimi, in a talk with Asharq on the sidelines of the first day of the Global Insurance Conference and Exhibition.
He believed that 鈥渢he reasonable regulatory framework and excellent digital infrastructure have made the Saudi market inherently attractive,鈥� noting that the Authority encourages international investors and branches of foreign companies.
Al-Tamimi clarified that 黑料社区 is moving toward implementing the Risk-Based Capital (Capital Regime) in January 2027, after a pilot phase in 2026, which will enhance companies鈥� underwriting capacity based on risk and support the sector鈥檚 global attractiveness. He also mentioned that the sector aims to double the workforce from 18,000 to 39,000 people in the coming years.
The Saudi insurance market grew by more than 17 percent in 2024, and the penetration rate rose to about 2.6 percent, while the country aims to double the premium value by 2030, according to the Chairman of the Authority鈥檚 Board of Directors, Abdulaziz Al-Bouq, during the conference.
Reinsurance sector attracts new player
The CEO of Riyadh Reinsurance Co., Fahd Al-Husni, stated in an interview with Asharq on the conference sidelines that the reinsurance sector in 黑料社区 is attractive to international companies, explaining that the size of the local reinsurance market is expected to reach SR20 billion in 2030.
Riyadh Re announced its official launch during the Global Insurance Conference and Exhibition after obtaining the final license from the Insurance Authority, thus adding a new player to the sector alongside Saudi Reinsurance Co.
Al-Husni mentioned that Riyadh Re was established with a capital of SR550 million ($146.6 million), with a plan to increase it to SR800 million within four years to support growth, adding that the company will focus 60 percent to 40 percent on the local market in the first two years, before expanding outside the Kingdom.
In the same context, the CEO of the Co. for Cooperative Insurance had stated in a recent interview with Asharq that his company is awaiting the necessary regulatory approvals to launch its reinsurance activities as part of its strategic growth plan and expansion in core businesses.