Chairman of US-based insurance company AIG Hank Greenberg, and Saudi Prince Al-Waleed Bin Talal exchanged views on the emerging insurance market in the Middle East and left the door open for future cooperation.
At a meeting in New York, Prince Al-Waleed discussed with the top executive joining resources to keep up with the increasing demand for insurance in the Middle East, especially Saudi Arabia. The latter witnessed an upsurge in demand prompted by multi-phase laws the will eventually force all employers to carry health insurance policies for wage earners.
Through his investment in MedGulf, a leading insurance firm in the Middle East, Prince Al-Waleed knows insurance markets in the region very well and is poised to increase his stake in this booming sector. Greenberg told the Prince that AIG was aware of MedGulf’s operations.
Through its member company American Life Insurance (ALICO), the Middle East’s largest insurer, AIG has been providing insurance services in Saudi Arabia since 1954. Prince Al-Waleed left open the possibility of future cooperation between AIG and MedGulf. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
