NCCI fears the arrival of new competitors on the market

While hailing the opening of the sector, the country's number one insurer, the National Company for Cooperative Insurance (NCCI) is afraid the arrival of numerous new players will reduce its share of the market. In 2004, the company reported 187.7 million SAR (50 million USD) in net profits against 44.9 million SAR (12 million USD) in 2003.

The authorities announced that the 13 licenses recently granted shall be followed by 33 other licenses to be awarded at a later stage. Estimated at 1.33 billion USD, the Saudi market is expected to reach 30 billion SAR (8 billion USD) in the next ten years. This great potential is accounted for by the fact that the majority of the population is not insured.

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