Nov 07 2007 |
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Saudi Arabia: Retail Insurance next Boom Sector
Dammam - Retail insurance will be the next boom sector in the insurance business in Saudi Arabia starting the next five years, according to the chairman of one of the biggest insurance groups in the Kingdom."Now that the mandatory medical insurance is 100 percent implemented and 75 percent of the corporate companies are insured, the next playing field for the insurance companies in the Kingdom and in the region is in retail insurance," said Sheikh Abdulrahman Al Turki, chairman of Al Sagr Company for Cooperative Insurance .
He said the next target of insurance firms is to provide individual insurance that will cover personal, household, against fraud and theft, and others."The retail insurance market is not fully covered and therefore insurance companies will be eyeing this sector, which is huge," Al Turki said Tuesday during press briefing at the Al Turki Group headquarters in Dammam.
Moves to educate young Saudis on the value of insurance have been started by the National Insurance Committee of the Council of Saudi Chambers of Commerce and Industry in Riyadh, according to Al Turki.
Al Sagr Company for Cooperative Insurance , the company chaired by Al Turk, has concluded last Nov. 3 its initial public offering (IPO) by floating SR.84 million worth of shares, or 42% of its SR.200 million capitalization. The IPO was oversubscribed by 550%, netting SR.466 million.
He said banks will start refunding the excess subscriptions placed by the over 825,000 subscribers. "The robust enthusiasm to our IPO is a clear indication of the acceptance of the concept of insurance in this country," Al Turki said.
Al Turki said that Al Sagr 's presence in the market since 1983 and its strategic alliance with Al Sagr National Insurance Company of UAE are its strength.
"It is essential that because of the gaining acceptance of insurance concept in this country, we are now training more young Saudis to become officers in our company and thus spread the fact that insurance, indeed, is a necessity of life," he said.
© The Saudi Gazette 2007
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