Main Challenges Facing The Insurance Sector in Saudi Arabia

“We have different types of challenges. We have challenges arising from competitors, due to a lack of new segments, which is pushing the margins a bit lower,” explains Raeed A. Al-Tamimi, CEO of Tawuniya.

“Inflation is another important challenge for us. The issue of supply and demand is really hurting us. If this matter doesn’t improve, it will represent an enormous challenge for us. Consumers will be affected because the insurance companies will suffer the first or second year of high inflation and so the premiums will have to go up but it is the consumer who have bear the costs.”