List of all articles filed under “saudi-arabia-insurance” category.
“We need to make sure we continue to provide the best services and we have to raise the bar in terms of quality. These are the initiatives that we work on every year to ensure that we remain not only the largest but also the leading Saudi insurance provider,” explains Raeed A. Al-Tamimi, CEO of Tawuniya.
“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.
“Most people do appreciate the need for insurance. Once people start using these insurance services they tend to see the benefits and are happy to continue purchasing insurance. At the same time, we need the enforcement to kick in properly,” explains Raeed A. Al-Tamimi, CEO of Tawuniya.
“Consolidation is not currently an attractive option for the larger players because the smaller companies are looking to get their market share price for the sale of their portfolio or company,” explains Raeed A. Al-Tamimi, CEO of Tawuniya.
The Saudi insurance market is still very young; it has only been regulated for about 10 to 15 years. This means it is hard to compare this market with mature markets. It is hard to find another market that has the same regulations, sophistication and development as this one.
Bader Saad Al Shaya, VP Marketing and Sales of Solidarity Takaful
Previously there were about 90 insurance companies; now there are around 35 and all of them are licensed and controlled. Lots of major steps have been taken in terms of regulations and in terms of controlling the market.
Gary M. Lewin, CEO of AXA Cooperative Insurance Company
The big differential here in Saudi Arabia is the demographics: it is a very young population and it is the largest population in the Middle East and among all the states in the Gulf. From an AXA Group perspective, this is where we see huge growth potential.
The strategy for AXA Cooperative Insurance Company is to be among top 5 insurance companies in the next few years.
The insurance industry grew at an astounding rate of 18% in 2013. For the 2014-2015, the CEO of AXA Cooperative Insurance Company predicts lesser growth and consolidation in the industry.
According to Capital Standards, “the Saudi Arabian insurance industry has emerged as one of the fastest growing insurance industries across the world.”
