Geopolitical factors help Saudi insurance sector build new skills
Insurance expert Mohammed Souri says geopolitical developments have enabled the Saudi insurance market to acquire additional capabilities.
Saudi insurance sector has been bolstered by geopolitical factors, according to insurance expert Mohammed Souri. In an interview with Al Ekhbariya TV, Souri stated that these global developments have enabled the market to acquire new capabilities. Souri explained that the Saudi insurance market has gained the ability to better withstand major risks during emergencies.
He noted that while geopolitical conditions have influenced financial factors, they have not negatively impacted insurance companies' profits during the sector's first six months of the year. Souri pointed out that reinsurance companies have collaborated with insurers to address the gaps created by geopolitical circumstances. The Insurance Authority's strategy has played a crucial role in maintaining high retention rates for certain portfolios held by major companies in the Kingdom.
Additionally, the Insurance Authority conducted trials this year to ensure profitability, quality, and sustainability in the sector.
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