Saudi Insurance Market Sees Another Profit Decline In 2018

Saudi Arabia, April 10, 2019:   Profitability in the Saudi Arabian insurance sector continued to weaken in 2018. The 'Saudi Insurance Market Sees Another Profit Decline In 2018' report, published April 10, 2019, on RatingsDirect, details how the 33 listed re-insurance companies saw pre-tax income fall 28% last year and 55% in 2017. 'We expect conditions to remain challenging in 2019 due to market competition, but new business from female drivers, a clamp down on uninsured motorists, and the extension of mandatory medical insurance cover could provide a boost to companies,' said S&P Global Ratings' credit analyst Emir Mujkic.