The regulation of Insurance Industry has made the Insurance Industry to clean up the things in their coffers. We are seeing in news frequently about Insurance Industry. A regular column titled Insurance Q & A written by Mr. Shujaath Ahmed Khan is run in one of the popular english newspapers pulished from Jeddah.
The CCHI has become active in pursuing their goals. Saudi Arabian Monetary Agency has set the deadline for Insurance regulation at 8th of May, 2008. After that they have cleared the only company i.e., ACE Arabia Insurance.
Few more Insurance companies, who have applied for licencing are not informed
about their current status. This has created some difficulties to the customers of these companies.
However it is understood that before the end of this year all clearances will be issued and the Insurance Industry will move forward in a more structured way.
The anticipated boom in health insurance is expected to create more job and training opportunities in the Kingdom of Saudi Arabia Market. We have seen the over- all the market is showing excellent growth prospects. There is a tremendous growth of Property, Motor, Marine, construction, erection and Medical Insurance in Saudi Arabia. People are also looking into more personal lines products like Life Insurance products, Investments products, personal possesions, personal accident coverages, covering their own personal motor vehicle. Banks are also pursuing the Bankassurance in Saudi Arabian Market. There is tremendous growth in insurances on commercial as well as on personal side.
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