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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.
SAMA will continue to encourage mergers and acquisitions of insurance companies, to achieve Vision 2030 goals, the most important of which is the Financial Sector Development Program, Al-Mubarak said.