Foreign re-insurance firms to enter Saudi market soon

05/09/2018 Argaam

 

Foreign re-insurance firms are expected to open branches in the Saudi market soon after the due laws are approved, Al-Yaum newspaper reported, citing Adel Al-Issa, the official spokesperson for insurance companies.

 

Currently there is only one re-insurance company in Saudi Arabia that serves local insurance firms, he added.

 

Last May, the Saudi Arabian Monetary Authority (SAMA), the central bank and insurance sector regulator, issued draft rules for foreign insurers and reinsurers wanting to establish branches, Argaam earlier reported.

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