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FinancialNews
19-02-17
Saudi insurance market returns to stability in 2016
(MENAFN) According to analysis by A.M. Best, Saudi insurance market had finally turned around the corner following a period of underwriting instability.
Review by national insurers in Saudi Arabia showed improvement in operating performance in 2016, with the market more than doubling its profit during the year.
During 2015, profit was driven by the strong operating performance of market leaders as the rest of the market produced weak earnings and many companies generated operating losses.
Salman Siddiqui, Senior Financial Analyst, said: "The introduction of actuarial pricing and reserving on motor and medical business lines in 2014, whilst leading to short-term losses, helped to significantly improve discipline and profitability in the market."
MENAFN1902201700450000ID1095252859
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