Saudi Arabia approves 13 new insurers

[DW Simpson]

http://www.arabtimesonline.com/arabtimes/breakingnews/view.asp?msgID=12631

Saudi Arabia agrees 13 new insurance firms

RIYADH, Oct 10 (Reuters) - Saudi Arabia approved on Monday the establishment of 13 insurance and re-insurance companies, the official SPA news agency reported.

It said the firms, approved by cabinet, would be set up as joint stock companies.

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[DW Simpson]

http://www.arabnews.com/?page=1&section=0&article=88062&d=12&m=10&y=2006

Insurance Decision May Pump In SR2.6bn Into Market
Javid Hassan, Arab News

RIYADH, 12 October 2006 — Saudi Arabian Monetary Agency (SAMA) Governor Hamad Al-Sayari announced yesterday that the 13 insurance companies licensed by the Council of Ministers would inject SR2.6 billion into the market, of which SR936 million would be channeled into initial public offerings (IPOs).

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[DW Simpson]

http://www.menafn.com/qn_news_story_s.asp?StoryId=1093142076

Fire insurance to become compulsory in Saudi Arabia
MENAFN - 07/02/2007

(MENAFN) The Executive President of the Saudi United Cooperative Insurance Co. said that the Saudi government is planning to set up a compulsory fire insurance system in cooperation with the kingdom's Civil Defense Directorate and National Committee for Insurance, Arab News reported.

The president, who was speaking at a local conference, added that the proposed system will minimize the losses that result from fire accidents, which have cost Saudi insurance companies about $488 million in the between 1995 and 2005.

He pointed out that the new system will include factories, commercial centers, administrative and office complexes, warehouses, fuel stations, gas selling outlets, laundries, hospitals and health centers.

[DW Simpson]

http://www.gulf-daily-news.com/Story.asp?Article=182661&Sn=BUSI&IssueID=30061

Saudi insurers launch IPOs to raise $95m
Sunday 20th May 2007

RIYADH: Seven Saudi insurance companies launched initial public offerings yesterday to raise 354.4 million riyals ($94.5m) in the latest share sales triggered by government plans to reform the industry.

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