Insurance

Saudi Arabia: Pilgrim insurance

In a bid to reduce public health expenditure, Saudi Arabia is in the early stages of negotiating a new health insurance initiative for millions of foreign pilgrims. The move is yet another step in the transformation of the kingdom's insurance business.

Pilgrims entering the country have traditionally had their health expenses covered by the Saudi government. However, due to the strain of a fast growing population and a massive influx of religious visitors, the government announced in 2003 plans to examine the possibility of offering religious health insurance for foreign travellers.

Kuwait Qatar Insurance Company announces official launch of operations in Kuwait

Industrial & Financial Investments Company and Qatar Insurance Company affirm their shareholdings of respectively 51 percent and 40 percent in KQIC, as part of a new joint venture insurance company partnership which is formally being launched in the Kuwait Insurance Market.

Medical insurance sector draws annual SAR35bn

Many Saudis are anticipating the enactment of the new cooperative healthcare package, which will allow citizens instant access and full medical coverage at any hospital Kingdom-wide.

Forecasts expect the program to pump an annual SAR35 billion into the local medical insurance market upon its completion.

Dubai anticipates Persian Gulf insurance boom

The Persian Gulf region is opening up, offering the global insurance industry access what has been an untapped market, according to Nasser Al Shaali, chief executive officer of the Dubai International Financial Centre.

Saudi insurance market to hit SAR25bn in 5 years

Saudi Arabia's insurance market is growing, as more and more insurance providers conduct mergers and acquisitions to form heavyweight corporations with solid financial positions.

In 2006, the Kingdom's insurance sector manifested 35 percent growth sending total instalment premiums to SAR6.9 billion.