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  • 25-09-21

    Saudi Arabia may be 1st to witness merger amid 3 insurance companies

    (MENAFN)CEO at United Co. for Actuarial Services CAIS, Sulaiman Binmayouf, Saudi Arabia may be the first country in the world to see a joining amid three insurance companies after regulatory reforms.

    The official further declared that, after Saudi Arabia’s 29 insurance companies ordered to triple capital to SR300 million from SR100 million, many of them need capital infusions or mergers to encounter the needs of regulators.

    Binmayouf also stated that the Kingdom’s insurance companies are only beneficial with high premiums, some of which they have to freeze as reserves, meaning they can’t invest the money.

    In addition, he said that he predicts that the adoption of IFRS 17 standards by the insurance sector in the Kingdom is going to help finding solutions for the problem.

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