Geopolitical factors help Saudi insurance sector build new skills

Insurance expert Mohammed Souri said that geopolitical factors have given the Saudi insurance market an opportunity to gain additional skills.

In an interview with Al Ekhbariya TV, he added that these capabilities have enhanced the sector’s ability to withstand major risks in the event of such emergencies.

Souri noted that while geopolitical conditions have impacted financial factors, they have not affected insurance companies’ profits during the first six months of this year.

He explained that reinsurance companies have worked together with insurers to bridge the gap caused by geopolitical circumstances, pointing out that the high retention rates of certain portfolios by major companies in the Kingdom are the result of a strategy set by the Insurance Authority.

Souri also said that the Insurance Authority has conducted trials this year to maintain profitability and ensure quality and sustainability.

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