Saudi insurer stocks rise on Marine Vessel project
The Saudi Cabinet has approved the establishment of the "Saudi War Risks Coverage Fund" for goods and vessels, led by the Saudi Reinsurance Company ("Reas"). The goal is to support the continuity of trade and supply chains, as well as to cover war risks affecting goods and ships. This decision caused the insurance sector index to increase by 2%, with the "Reas" stock jumping more than 8%. Two out of 26 listed companies in the market did not respond to the rise. The fund aims to enhance the market's capacity to cover war risks, especially as these risks escalate in maritime navigation, ensuring the stability of shipping and commerce operations. This initiative is part of Saudi Arabia's strategy to raise the insurance sector's contribution to 3.6% of non-oil GDP by 2030.
Notice: This Is an AI-Generated Summary
Comments (0)