AlJazira Takaful CEO: Surge in motor claims pushes insurers to reprice policies

Speaking to Al Ekhbariya TV, Nadershah said many insurers incurred losses as they were unable to cope with the very high volume of claims, noting that companies have since moved to reprice policies, tighten fraud controls, and enhance claims verification processes.

However, the Saudi insurance sector is still offering significant opportunities, which are expected to double over the next five years, he added.

AlJazira Takaful’s total customer savings surpassed SAR 1.7 billion. The savings funds performed strongly, with some achieving returns of 50%–60% over the past three years, Nadershah explained.

The company also simplified access to protection and savings products via a fully digital process and introduced more flexible premiums, enabling customers to start saving from SAR 300 per month.

Nadershah said the company focuses on two main products: protection and savings, which account for about 50% of total underwriting and medical insurance product. Together, these products represent between 80% and 90% of the company’s portfolio.

Moreover, the insurer is monitoring the market for potential merger or acquisition (M&A) opportunities, but any deal must create operational integration between the two entities, ensuring alignment in products and systems. The company will pursue any transaction offering clear added value for shareholders.

Regarding financial performance, the CEO said gross written premiums (GWPs) grew by about 20%, exceeding SAR 520 million in 2025. Despite challenges facing the insurance sector, the company delivered positive performance through disciplined underwriting and a focus on targeted segments.

According to data available on Argaam, AlJazira Takaful’s net profit rose to SAR 39.8 million in 2025, up 7% from SAR 37.2 million in 2024. Q4 profit reached SAR 5 million.