Allianz Saudi has 3% market share, eyes new product investments: CEO

05/03/2020 Argaam

 

Allianz Saudi Fransi Cooperative Insurance Co. currently has a market share of 3% and seeks to invest in new products while taking advantage of the capital increase process, CNBC Arabia reported, citing the firm’s CEO Andreas Brunner.

 

“We are implementing a digitalization strategy. We have developed a new website through which our clients can purchase car insurance products - the first to be launched online,” Brunner said.

 

Allianz is studying the available expansion opportunities, he noted, also adding that the merger deals in the Saudi market will not impact the company, given that the industry has a competitive advantage.

 

The Saudi-based insurer recently obtained the approval of the Capital Market Authority (CMA) on increasing capital via a SAR 400 million rights issue, Argaam earlier reported.

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