Tawuniya reports strong Q2 results

Tawuniya has reported an 118.6 per cent increase in net income for Q2 this year compared to the previous quarter. Net income for Q2 this year reached US$61.6m, compared to US$28.2m in the first quarter. Year-on-year net income increased 82.3 per cent from US$33.8m in Q1 last year.

Chedid Re To Launch In Saudi

Chedid Re is launching operations in Riyadh to capitalise on Saudi Arabia’s rapidly growing insurance industry, the company announced on Tuesday. The company said it had secured a licence from the Saudi Arabian Monetary Agency (SAMA) to provide reinsurance brokerage services across the Kingdom. Saudi Arabia has one of the largest insurance markets in the Middle East, with the country’s population expected to reach 45 million by 2020.

Credit Agency Gives Tawuniya ‘A’ Rating

Tawuniya/The Company for Cooperative Insurance has secured an ‘A’ rating from Standard & Poor’s after maintaining its “market leading position”. The credit rating agency said the company was still the leading player in Saudi, despite strong competition from rival insurers. Standard & Poor’s (S&P) added that Tawuniya’s strong underwriting performance contributed to its rating. But concerns about the company’s capitalisation were raised in S&P’s ratings report.

AXA Secures Licence To Sell In KSA

AXA Cooperative Insurance Company has secured a licence from the Saudi Arabian Monetary Agency (SAMA) to sell policies in the Kingdom. The company can now offer products in accordance with the Kingdom’s cooperative insurance laws and regulations to Saudi customers. It had already received permission to market and sell motor and medical insurance prior to SAMA’s approval.

Doctors Need Insurance To Practice In Saudi

Unless they are covered by malpractice insurance, doctors in Saudi Arabia will not be allowed to continue practicing, it has been reported. Medical practitioners wishing to continue working in the Kingdom will have to produce insurance documents valid for three years when renewing their Health Council certificates. The measure has been introduced following an alleged rise in the number of malpractice cases during recent years, according to Saudi newspaper Arab News.

The Kingdom Of Saudi Arabia

The regulatory transformation of the Saudi insurance sector gathers pace as more insurers are licensed and competition intensifies, with health insurance fuelling growth.