Saudi property/casualty reinsurance rates on the rise

Posted On: Jul. 1, 2019 6:41 AM CST

A report by U.A.E.-based investment bank Arqaam Capital Ltd. found that property/casualty reinsurance rates are increasing in Saudi Arabia driven by large insured losses over the past two years, Middle East Insurance Review reported. The report found that the Saudi reinsurance market currently accounts for 21% of gross written premiums in the Middle East and North Africa region and 38% of Gulf Cooperation Council's premiums.