Bupa to boost health insurance portfolio, says CEO

Bupa Arabia seeks to boost its health insurance portfolio, and currently has no merger or acquisition plans, CEO Tal Nazer told Argaam on the sidelines of an industry event on Monday.

The Council of Cooperative Health Insurance’s (CCHI) initiatives aimed at providing health insurance coverage for more than two million Saudis this year, in addition to the planned Unified Policy, will reflect positively on Saudi insurance companies, Nazer said.

Dependence on the private sector is a key challenge facing insurers; however, King Salman’s recent move to restore onuses and special allowances for civil servants and military personnel will likely boost the sector.

Saudi Arabia’s insurance sector is currently undergoing a period of consolidation through mergers and acquisitions, following years of intense competition.

Malath Cooperative Insurance & Reinsurance Company (Malath) and Allied Cooperative Insurance Group (ACIG) agreed to study the feasibility of a potential merger in March.

Tadawul-listed Gulf Union Cooperative Insurance Co. is also considering a merger with Al Ahlia for Cooperative Insurance.