Saudi central bank to encourage more insurance consolidation
Published 13 Apr,2021 via Arab News - Economy RIYADH - Recent mergers in the insurance sector show that the central bank’s (SAMA) plans for the industry are moving in the right direction, said Governor Fahd Al-Mubarak, Al Eqtisadiah reported.
He said that the Kingdom had three insurance mergers during a short period of nearly a year, citing the most recent combination of Aljazira Takaful and Solidarity. The pair signed a binding merger deal last year.
Fierce competition in the crowded regional insurance sector is encouraging underwriters to combine with former rivals in order to improve profitability.
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