By Shujaath Ahmed Khan
First Quarter
In the first quarter we saw the change from driving licence insurance to vehicle Third Party Insurance, it was implemented effective 1st of April. There were grapevine about the implementation of Compulsory fire insurance. The number of covered members under Medical insurance increased dramatically. The country plans to establish a national cooperative fund to provide free health insurance coverage to all of its nationals after privatizing state-owned hospitals according to Health Ministry. The Takaful insurance is expected to grow tremendously.
Al-Malath Insurance got the first licence and went on IPO. Where as Saudi Re-insurance Company (Saudi Re), became the first re-insurance Company in the Kingdom. MedGulf (Insurance and Re-insurance) enters share Market. Interserve Marsh holds marine training in Riyadh. Shares of MedGulf over-subscribed four time. The Saudi United Co-operative Insurance Company ( Amity) launched its IPO.
SAAB Takafull launches its IPO. Saudi United Co-operative Insurance Co. ( Wala'a Insurance) offered its IPO through Banque Saudi Fransi, Riyad Bank and Al-Rajhi Bank. Arabian shield Co-operative Insurance Company offered their Shares for the IPO and it was oversubscribed by 4.5 times.
Second Quarter
Malath Cooperative Insurance and Reinsurance Company obtained its commercial registration from the Ministry of Commerce and Industry. Mediterranean & Gulf Insurance and Reinsurance Company (MedGulf) began trading on the Saudi stock market it is the third of the thirteenth Company approved by Capital Market Authority.
Sanad for Cooperative Insurance Company, Saudi Arabian Cooperative Insurance Company, Saudi Indian Cooperative Insurance Company, Gulf Union Cooperative Insurance Company, Al-Ahli Takaful, Allied Cooperative Insurance Group and Al-Ahlia Cooperative Insurance offered it s IPO. Most of the companies were oversubscribed by over 300% 1000%. Prudential of Britain enters into tie-up with Bank AlJazira. The shares of almost all the insurance companies were showed an upward trend
Health insurance become compulsory for 500 plus expatriate employees. At the time of issue of and renewal of Iqama's (residence permits) it was essential to get the employee name listed in the website of CCHI.
Third Quarter
Shares in Saudi United Cooperative Insurance Company (Walaa Insurance), Gulf Union Cooperative Insurance Company, Sanad Insurance & Reinsurance Cooperative Company Saudi Fransi Cooperative Insurance Company (Allianz SF), Allied Cooperative Insurance Group (ACIG), Arabian Shield Cooperative Insurance Company (ASCIC), Saudi Indian Company for Cooperative Insurance and Alahli Takaful Company (ATC) soared at a higher levels. Gulf General Insurance Company (GGI) enters the Market with their IPO. Solidarity, one of the largest Takaful Companies in the world, signed a memorandum of understanding with Ahad Insurance Company based in Saudi Arabia to establish an insurance Company. BUPA, one of the Medical Insurance Provider got approval to operate as licensed Co-operative Health care Insurance Company. IPO is expected early next year.
Fourth Quarter
Al-Saqr Company for Cooperative Insurance launched their IPO. NCCI, the largest Insurer in Saudi Arabia launched its new Logo and new name in a well organized Ceremony and changed its name from NCCI to Tawuniya. 2nd Saudi Insurance Summit was held in Jeddah. The three day summit was chaired by Ali Al-Subaihin, CEO of Tawuniya. A new insurance brokerage service was launched. It is SABB Insurance Services Limited (SISL), it is a joint venture of SABB and HSBC Insurance Brokers. Medical Malpractice insurance becomes compulsory.
The Saudi Electricity Company (SEC) has signed a three-year medical insurance contract with Tawuniya involving a total premium of SR56 million, or about SR19 million annually. Tawuniya, the leading insurance company in Saudi Arabia, had signed deals with 10 local and international companies to provide insurance in the energy sector, recently undertaking projects in the Kingdom.
Prices of more than 1,400 types of medicines in the kingdom is expected to be reduced by 3.5% to 27%. A major vehicular accident due to fog takes 4 lives and scores were injured in Eastern province. 28 persons were killed and 10 others insjured yesersday during a fire after a gas pipeline explosion in Eastern Province per Saudi Aramco.
Property Insurance also known and Fire Insurance is also very common in Saudi Arabia. Under Property Insurance Assets are covered like buildings, machinery, stocks etc. Property All Risks Insurance is the maximum insurance avaialable in the kingdom. Whereas Fire insurance will have extensions like allied perils and Theft. Another important aspect is that one who is having a machinery breakdown policy need to have his machinery also cover under fire or property All risks insurance policy.
As the summer approacher there are may fires in Saudi Arabia. The most dangerous are domestic fires. We have also seen damage done to many business due to fires caused by short circuit.
As Motor Insurance has become compulsory. Even a Comprehensive Motor Insurance holder will get a certificate which will mention about the Third Party Motor Insurance Coverage. Private cars and Commercial vehicles can be covered under Motor Insurance. Private cars the deductible and rates are less. Whereas for commercial vehicles the rates are high. However certain plant and equipments are not treated as car and cannot be covered under Motor vehicle policy. Motor insurance is compulsory in saudi arabia.
Under the Workmen Compensation there are two type of covers. Workmen Compensation full cover and Workmen Compensation Difference in conditions to GOSI. Workmen Compesation is the basic right of a workmen.
Personal Accident is a addition employee benefit coverage. Uncer personal accident we have an option to have death only cover and death plus other benefits. Obese people have a loading under Personal Accident Insurance. Personal accident insurance is not compulsory in Saudi Arabia.
Most of the large Organizations are insisting on Public Liability or Commercial General Liability coverages. However for Construction All Risks and Erection All Risks is also treated a optional by the principal as well as the contractors. Most of the important projects are insured in Saudi Arabia.
Marine insurance is important in Saudi Arabia. As most of the consumer goods are imported from abroad. Under marine we have different types of policies. One important policy in Marine All risks policy. For Metal items thhe buyers prefer to have marine B coverage. For local shipments we have marine land tranist basic cover and Marine All risks insurance. Banks do insist upon marine insurance in Saudi Arabia.
Medical Insurance is again compulsory for certain groups in Saudi Arabia and it is expected to become compulsory for all in due period of time. Medical insurance is have a standard wording prescribed by Council for co-operative health insurance (CCHI). Those who are out of purview of CCHI can have Medical Insurance of their choice including CCHI Wording. Medical Insurance is a booming market in Saudi Arabia. Medical Insurance is also known as health insurance. There are many medical/health insurance providers and Administrators.
We also have Medical Malpractice insurance. It is covering the medical personnel. It is also compulsory in certain hospitals.
First Quarter
In the first quarter we saw the change from driving licence insurance to vehicle Third Party Insurance, it was implemented effective 1st of April. There were grapevine about the implementation of Compulsory fire insurance. The number of covered members under Medical insurance increased dramatically. The country plans to establish a national cooperative fund to provide free health insurance coverage to all of its nationals after privatizing state-owned hospitals according to Health Ministry. The Takaful insurance is expected to grow tremendously.
Al-Malath Insurance got the first licence and went on IPO. Where as Saudi Re-insurance Company (Saudi Re), became the first re-insurance Company in the Kingdom. MedGulf (Insurance and Re-insurance) enters share Market. Interserve Marsh holds marine training in Riyadh. Shares of MedGulf over-subscribed four time. The Saudi United Co-operative Insurance Company ( Amity) launched its IPO.
SAAB Takafull launches its IPO. Saudi United Co-operative Insurance Co. ( Wala'a Insurance) offered its IPO through Banque Saudi Fransi, Riyad Bank and Al-Rajhi Bank. Arabian shield Co-operative Insurance Company offered their Shares for the IPO and it was oversubscribed by 4.5 times.
Second Quarter
Malath Cooperative Insurance and Reinsurance Company obtained its commercial registration from the Ministry of Commerce and Industry. Mediterranean & Gulf Insurance and Reinsurance Company (MedGulf) began trading on the Saudi stock market it is the third of the thirteenth Company approved by Capital Market Authority.
Sanad for Cooperative Insurance Company, Saudi Arabian Cooperative Insurance Company, Saudi Indian Cooperative Insurance Company, Gulf Union Cooperative Insurance Company, Al-Ahli Takaful, Allied Cooperative Insurance Group and Al-Ahlia Cooperative Insurance offered it s IPO. Most of the companies were oversubscribed by over 300% 1000%. Prudential of Britain enters into tie-up with Bank AlJazira. The shares of almost all the insurance companies were showed an upward trend
Health insurance become compulsory for 500 plus expatriate employees. At the time of issue of and renewal of Iqama's (residence permits) it was essential to get the employee name listed in the website of CCHI.
Third Quarter
Shares in Saudi United Cooperative Insurance Company (Walaa Insurance), Gulf Union Cooperative Insurance Company, Sanad Insurance & Reinsurance Cooperative Company Saudi Fransi Cooperative Insurance Company (Allianz SF), Allied Cooperative Insurance Group (ACIG), Arabian Shield Cooperative Insurance Company (ASCIC), Saudi Indian Company for Cooperative Insurance and Alahli Takaful Company (ATC) soared at a higher levels. Gulf General Insurance Company (GGI) enters the Market with their IPO. Solidarity, one of the largest Takaful Companies in the world, signed a memorandum of understanding with Ahad Insurance Company based in Saudi Arabia to establish an insurance Company. BUPA, one of the Medical Insurance Provider got approval to operate as licensed Co-operative Health care Insurance Company. IPO is expected early next year.
Fourth Quarter
Al-Saqr Company for Cooperative Insurance launched their IPO. NCCI, the largest Insurer in Saudi Arabia launched its new Logo and new name in a well organized Ceremony and changed its name from NCCI to Tawuniya. 2nd Saudi Insurance Summit was held in Jeddah. The three day summit was chaired by Ali Al-Subaihin, CEO of Tawuniya. A new insurance brokerage service was launched. It is SABB Insurance Services Limited (SISL), it is a joint venture of SABB and HSBC Insurance Brokers. Medical Malpractice insurance becomes compulsory.
The Saudi Electricity Company (SEC) has signed a three-year medical insurance contract with Tawuniya involving a total premium of SR56 million, or about SR19 million annually. Tawuniya, the leading insurance company in Saudi Arabia, had signed deals with 10 local and international companies to provide insurance in the energy sector, recently undertaking projects in the Kingdom.
Prices of more than 1,400 types of medicines in the kingdom is expected to be reduced by 3.5% to 27%. A major vehicular accident due to fog takes 4 lives and scores were injured in Eastern province. 28 persons were killed and 10 others insjured yesersday during a fire after a gas pipeline explosion in Eastern Province per Saudi Aramco.
Property Insurance also known and Fire Insurance is also very common in Saudi Arabia. Under Property Insurance Assets are covered like buildings, machinery, stocks etc. Property All Risks Insurance is the maximum insurance avaialable in the kingdom. Whereas Fire insurance will have extensions like allied perils and Theft. Another important aspect is that one who is having a machinery breakdown policy need to have his machinery also cover under fire or property All risks insurance policy.
As the summer approacher there are may fires in Saudi Arabia. The most dangerous are domestic fires. We have also seen damage done to many business due to fires caused by short circuit.
As Motor Insurance has become compulsory. Even a Comprehensive Motor Insurance holder will get a certificate which will mention about the Third Party Motor Insurance Coverage. Private cars and Commercial vehicles can be covered under Motor Insurance. Private cars the deductible and rates are less. Whereas for commercial vehicles the rates are high. However certain plant and equipments are not treated as car and cannot be covered under Motor vehicle policy. Motor insurance is compulsory in saudi arabia.
Under the Workmen Compensation there are two type of covers. Workmen Compensation full cover and Workmen Compensation Difference in conditions to GOSI. Workmen Compesation is the basic right of a workmen.
Personal Accident is a addition employee benefit coverage. Uncer personal accident we have an option to have death only cover and death plus other benefits. Obese people have a loading under Personal Accident Insurance. Personal accident insurance is not compulsory in Saudi Arabia.
Most of the large Organizations are insisting on Public Liability or Commercial General Liability coverages. However for Construction All Risks and Erection All Risks is also treated a optional by the principal as well as the contractors. Most of the important projects are insured in Saudi Arabia.
Marine insurance is important in Saudi Arabia. As most of the consumer goods are imported from abroad. Under marine we have different types of policies. One important policy in Marine All risks policy. For Metal items thhe buyers prefer to have marine B coverage. For local shipments we have marine land tranist basic cover and Marine All risks insurance. Banks do insist upon marine insurance in Saudi Arabia.
Medical Insurance is again compulsory for certain groups in Saudi Arabia and it is expected to become compulsory for all in due period of time. Medical insurance is have a standard wording prescribed by Council for co-operative health insurance (CCHI). Those who are out of purview of CCHI can have Medical Insurance of their choice including CCHI Wording. Medical Insurance is a booming market in Saudi Arabia. Medical Insurance is also known as health insurance. There are many medical/health insurance providers and Administrators.
We also have Medical Malpractice insurance. It is covering the medical personnel. It is also compulsory in certain hospitals.
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