A recently publicized study conducted by the Saudi Cooperative Insurance Company estimated the value of the total subscribed insurance installments in the Saudi markets at SR 2.86 billion in 1999 compared to SR 2.96 billion in the previous year. These figures, reported in Al-Watan newspaper, translate into a 3.6 percent fall.
The study, which covered 34 operating insurance firms in Saudi Arabia, has related the decline in the value of the subscribed insurance installments in 1999 to the continuous decrease in prices. The reason for these price falls is rising competition on one hand and declining petroleum prices on the other. The relatively low oil prices at the beginning of 1999 left long-term negative impacts on the kingdom’s commercial, industrial and insurance activities. –(Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)
