Insurance Sector

The insurance sector in the Kingdom is witnessing accelerated growth supported by Vision 2030 and the expansion of insurance services:

More than (SAR 70 billion) is the size of the insurance market in Saudi Arabia.

Annual growth exceeding (14%) in health, vehicle, real estate, and other insurance.

Advanced legislation under the supervision of the Saudi Central Bank (SAMA) and the Insurance Authority.

The introduction of digital insurance technologies and artificial intelligence, and the expansion of insurance inclusion.

Our services include the following

Licensing

We provide

• Preparing insurance licensing requirements.
• Regulating insurance brokerage, insurance consultancy, and insurance marketing licensing.
• Drafting internal regulations and observing regulatory instructions in accordance with SAMA requirements.
• Controlling and organizing governance procedures and internal bylaws in accordance with the insurance companies governance charter.
• Regulating the regulatory relations within the company.
• Reviewing the policies related to anti-money laundering and counter-terrorism financing in the insurance activity.
• Providing periodic consultations regarding regulatory updates.
• Examining insurance products for the approval of the law before offering.

Contracts and Documents

We do

• Drafting insurance policies of all types (health, vehicles, property, engineering, marine, aviation, protection and savings, civil liability, travel, personal accidents, agricultural and livestock, etc.).
• Reviewing insurance policies for compliance with SAMA regulations and the Insurance Committee.
• Auditing the clauses relating to exclusions, coverage limits, and claim deadlines.
• Determining the responsibilities between the insurance company and the insured.
• Amending or customizing group or private insurance policies based on the client's needs.
• Reviewing contracts between insurance companies and service providers (such as hospitals, companies, etc.).

Disputes

We do

• Representing before the competent Insurance Committee.
• Filing lawsuits concerning the rejection of a claim or the reduction of the compensation amount.
• Drafting memoranda and objection petitions.
• Claiming compensation for damages resulting from delay or refusal to disburse dues.
• Activating arbitration procedures.

Compensations

We do

• Submitting claims in accordance with the statutory procedures.
• Reviewing documents and completing conditions.
• Legal assessment of the claim before submission.
• Objecting to decisions rejecting compensation or reducing its value.
• Representation in compensation lawsuits before the insurance committees and courts.
• Drafting memoranda and claims.
• Claiming compensation for delay and the like.
• Amicable negotiation and dispute settlement.