Growing insurance awareness ‘creating new opportunities’



RIYADH: MD RASOOLDEEN | Arab News staff

Published — Thursday 25 April 2013

Last update 26 April 2013 10:05 am

| نسخة PDF Print News | A A

The Kingdom offers great opportunities to the insurance business in the region, says Henri de Castries, chairman and CEO of AXA Group.
De Castries was addressing a press conference at the French embassy in Riyadh.
French Ambassador Bertrand Besancenot was also present at the event.
The visit of de Castries comes amid AXA delivering robust financial results in 2012.
It recorded revenues worth Euro 90.1 billion and underlying earnings amounting to Euro 4.3 billion in 2012, and had Euro 1,116 billion assets under management.
In the past decades, AXA Group has built the one of the largest insurers worldwide and is the number one global insurance brand for the fourth consecutive year.
“The Saudi insurance market is experiencing the fastest growth in the GCC region now representing over 35 percent of total Gross Written Premium of the region due to a fast growing economy and population and a low-insurance penetration,” de Castries said.
“We aim to support the current business model here by leveraging AXA Group’s strengths and expertise,” he said.
“The insurance market in the Kingdom has a great future and we are committed to work with the regulatory bodies, partners and teams here, who have made this success possible,” de Castries said, adding that the Kingdom is a key market for AXA as it shows strong growth opportunities and increasing risk awareness of the population.
“Thus there are growing insurance needs to be addressed,” he said.
“During the year, AXA maintained its growth and profitability across the globe with a strong focus on delivering its strategic plan “Ambition AXA” by being more selective and by shifting its new business toward more profitable segments that address evolving customer needs. Also, AXA Group has shared its willingness to invest more in the high growth markets.”
Regionally, AXA also recorded strong financials with a growth of more than 20 percent of its premiums reaching $ 626 million.
AXA has become the leading non-life international insurer in the GCC over the last years, he said.
AXA which operates in the Kingdom under AXA Cooperative Insurance Company, has been in the country for over 30 years and has established a strong presence in the Kingdom’s three economic centers, he said.
AXA Cooperative has strong growth plans for the Kingdom, and notably in the retail side (motor, home and travel insurance) on top of the sustainable increase of the commercial lines business driven by the public investments.
“The company wants to become more available and enhance customer experience by implementing its multi-access strategy. It has recently announced its expansion strategy to open nine new outlets in the country this year on the top of the existing three shops. It also plans to continue to invest in distant channels such as call center and digital to ensure a seamless experience for all its customers.
He added: “Our objective here is to become the preferred insurance company for customers, distributors, employees and shareholders in Saudi Arabia and ensure that AXA Cooperative is fully aligned with the market needs.”
Dwelling on the growth of AXA Cooperative since its formation, Jerome Droesch, chairman of AXA Cooperative Insurance, said: “We have seen amazing growth in the last five years and notably since receiving our licence in the country in February 2010 reaching SR 460 million in 2012.”
Droesch said: “We have continued to relentlessly pursue efficiencies and product innovations to extend competitive advantage and value for policyholders in the evolving market environment. We are committed to growing in this country by engaging and capacity building of Saudi nationals in the insurance sector.”
AXA Cooperative, supported by AXA Group, also announced it plans to continue to grow in the Kingdom in the coming years.
In doing so,Droesch said, AXA will further enhance its footprint and aim to increase customer service levels in Saudi Arabia .

What's happening around Saudi Arabia

JEDDAH: The father of the suicide bomber who blew himself up in a mosque in Kuwait has blamed “evil” forces for his son’s behavior.Sounding confused and sad, Sulaiman Al-Gabbaa, the father of Fahad Al-Gabbaa, said: “An evil hand has sent my son to hi...
JEDDAH: The Saudi Traffic Department has denied that it is introducing new license plates for cars.It said hackers posted pictures of the supposedly new license plates on its Twitter account on Sunday. The department said the news, which went viral,...
JEDDAH: The Al-Haramain Train project is described as the largest public transportation project in the Middle East. This vital and strategic project is one of the implementation schemes of the mass expansion of the Saudi railway across the country.Th...
JEDDAH: The number of marriages between expatriates and Saudis has dropped 84 percent to 1,928 since the start of this Islamic year that began on Oct. 24, compared to the same period the previous year.The Ministry of Justice said that there were 12,0...
JEDDAH: The General Authority for Civil Aviation (GACA) launched the idea of a project called Watani to link all parts of the Kingdom by air by beefing up activities at important provincial airports.Capt. Abdul Hakim Badar, assistant vice president a...
JEDDAH: Unofficial marriage is a refuge for a divorced mother to lead a married life while keeping her children in her custody but without the knowledge of the former husband who could demand the custody of the children if he learned about the ex-wif...
JEDDAH: Makkah’s health department has set up a committee to verify the sick leave certificates of employees.The department stated it would apply government regulations on sick leave, which includes people providing the address of the facilities wher...
RIYADH: The directorate of roads and transport has registered 20 cases of violations worth SR24,500 in Al-Qassim, where the transport ministry continued its surveillance drive against the companies in the transport business.According to the directora...
RIYADH: The implementation of an integrated health plan to combat MERS has resulted in a sharp drop in cases, with only one out of 736 samples testing positive for the contagion in the Kingdom in the last six days. Health Ministry spokesman Dr. Khal...
RIYADH: Muslims must cut traditionally high electricity use during Ramadan in line with the principles of austerity and self-control they are supposed to adopt in this month, economists say.Economist Al-Sadeq Idris said energy use increases during Ra...
JEDDAH: The Ministry of Commerce and Industry will begin next Tuesday to check whether companies are complying with new laws requiring them to place proper price labels on all their products.It is mandatory for companies to stop using phrases such as...
RIYADH: Minister of Islamic Affairs Saleh Al-Asheikh chaired the first meeting with Yemeni scholars to exchange ideas on how to strengthen their role in restoring peace in their country.The first Saudi-Yemen scholars meeting, dubbed the “outreach sch...
RIYADH: To cope with the growing number of applicants (boys and girls) at technical colleges that reached 126,023 last year, a state-run organization launched an online unified portal to ease the enrolment procedures.According to the Technical and V...
RIYADH: A senior government official from Dhaka, who visited Riyadh last week, has sorted out technical issues to expedite issuing 1.5 million machine readable passports (MRP) to Bangladeshi expatriates in the Kingdom. Information and Communication T...
JEDDAH: Jeddah municipality is keen to provide health and food security to residents and visitors of the city, and they are continually conducting inspections of food stores, restaurants, markets and food storage facilities to avoid any violations by...

Stay Connected

Facebook