IslamicFinance.de

A source at the Saudi Arabian Monetary Agency (SAMA) said a number of insurance companies that have incurred huge losses may be forced to halt operations to protect their clients. The source added that many of these companies’ financial situations are continually deteriorating, they have not committed to presenting a strategic plan to correct their situation and, at the same time, they have refused to merge with other companies. Insurance experts said there are six companies that have incurred losses of 55 to 75 percent: Salamah, Wafa, Arabian, International, Amanah and Inmaa. SAMA has seized the operations of Sanad and Wiqayah insurance companies due to their huge losses.