Saudi insurers', reinsurers' profit plummets 28%
Posted On: Apr. 11, 2019 6:03 AM CSTU.S.-based S&P Global Ratings Inc. said that Saudi Arabian insurers and reinsurers' pre-tax income declined about 28% year over year to $201 million in 2018 from $293 million in 2017, Zawya reported. Gross written premium declined 3% due to slow economic activity, higher no-claims discounts for auto policies and the departure of more than one million expatriates as a result of higher taxes on foreigners.