From Yahoo Finance: 2025-05-27 06:55:00

The Saudi Insurance Authority has revoked the licenses of 28 insurance and brokerage companies to stabilize and improve the sector’s performance. The decision, based on regulations, aims to protect insured individuals and promote financial stability. Companies affected include Shire Insurance, Al-Sabil Asia, and Future Vision Insurance Brokerage.

CEO Eng. Naji Al-Tamimi mentioned considering eliminating health insurance pre-approval systems due to delays faced by beneficiaries. The Insurance Authority plans to publish performance indicators, including complaint rates, for each insurance company. Earlier this year, Willis Towers Watson was granted a reinsurance broker license in Saudi Arabia.

The revocation of licenses is part of a broader strategy to enhance credibility in the Saudi insurance sector. The corrective measures began in August 2024 to ensure financial stability and protect the rights of insured individuals. The decision affects companies like Saudi Shield Insurance Agency and Takaful Amanah Cooperative Insurance Agency.

Read more: Saudi Insurance Authority revokes licences of several insurance companies