AXA Cooperative Insurance receives the Saudi Arabian Monetary Agency license to practice cooperative insurance business
AXA Cooperative Insurance Company received its license from the Saudi Arabian Monetary Agency to practice cooperative insurance activities in KSA.
AXA Cooperative Insurance Company received Monday 1st Feb 2010 license (number TMN/25/20101) dated on (11/02/1431 H) to practice Insurance & Reinsurance business in Kingdom of Saudi Arabia, in accordance with the cooperative insurance law and its regulations. As a result of the above, AXA Cooperative Insurance company (Saudi Joint Stock Company) is now officially authorized to conduct its business.
The company had already obtained approval to market and sell its two main products “Motor & Medical insurance”.
The establishment of AXA in Saudi Arabia is a huge milestone and the first Cooperative Insurance company globally for the AXA Group. The company is developing a new product offering in retail and commercial lines to meet the needs of local customers and this is a unique opportunity to expand its reach in the Saudi market.