GIG projects revenue boost from reinsurance cession to local market

17/11/2024 Argaam
Logo ofGulf Insurance Group (GIG)

Logo of Gulf Insurance Group (GIG)

Gulf Insurance Group (GIG) expects that the implementation of the new mechanism for ceding reinsurance premiums to the local market will lead to increased revenue from the Saudi market, according to its forthcoming 2024 financial results.

 

In a statement to Tadawul, the company said the positive financial impact is anticipated to appear in its 2025 financial results.

 

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According to the Insurance Authority (IA) circular dated Nov. 14, 2024, at least 30% of all reinsurance treaties (proportional and non-proportional) should be ceded to licensed reinsurance firms as of Jan. 1, 2025, GIG said in a statement to Tadawul.

 

This initiative aims to enhance the role of local reinsurance activities in covering insurance risks within the Kingdom.

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