Opening of the Saudi market to foreign insurance firms will improve service quality and introduce new products to the Kingdom, Al-Yaum newspaper reported on Wednesday, citing Adel Al-Issa, the official spokesperson for insurance companies.
The quality of various insurance services will be much enhanced, thanks to the solid track record of foreign players.
The Saudi authorities should facilitate all procedures required, to ensure the maximum benefit from potential market entrants, Al-Issa said.
Last May, the Saudi Arabian Monetary Authority (SAMA), the central bank and insurance sector regulator, issued draft rules for foreign insurers and reinsurers wanting to establish branches, Argaam earlier reported.
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