28 insurance agents and brokers lose their licenses in Saudi Arabia

The Saudi Insurance Authority (IA) has revoked the operating licenses of 28 insurance brokerage companies and agencies present in the country.

The license withdrawal came in the wake of a series of corrective measures initiated on 28 August 2024, aimed at improving the sector's efficiency, enhancing customer confidence, protecting policyholders' rights and supporting financial stability.

The companies affected by the IA's decision include Shire Insurance Agency Company, Al-Bulurat Insurance Brokerage Services Company, Al-Sabil Asia Insurance and Reinsurance Brokerage Company, Al-Aman Insurance and Reinsurance Brokerage Company and Future Vision Insurance Brokerage Company.