CAIRO: Cigna Worldwide Insurance Co. has become the first foreign health insurance company to start operations in the Kingdom following the issuance of a license by the Saudi Central Bank.
The permit aims to fulfill the objectives of the bank’s “Rules for Licensing and Supervision of Branches of Foreign Insurance and Reinsurance Companies in Saudi Arabia” initiative.
It also comes as part of its role in supporting financial stability and contributing to economic growth aligned with Vision 2030’s objectives.
The licensing falls under the strategy of the central bank, also known as SAMA, to encourage foreign direct investments to increase the sector’s competitiveness and utilize the Kingdom’s economic potential.
“SAMA reaffirms its ongoing efforts to support the financial sector as a whole, raise the level of effectiveness and flexibility of financial transactions and encourage innovation in financial services,” stated SAMA’s website.
Moreover, enabling new international entrants will enhance the quality of provided services, increase the diversification of investors and introduce unique business models to the market, according to the site.