Sale of Covid-19 cover to travellers from Saudi Arabia likely to boost kingdom’s insurance sector
- Date: 31-May-2021
- Source: The National
- Sector:Financial Services
- Country:Saudi Arabia
Sale of Covid-19 cover to travellers from Saudi Arabia likely to boost kingdom’s insurance sector
Regulatory approval for Saudi Arabia's insurance companies to sell insurance cover for Covid-19 to citizens travelling abroad will be a positive step and will help the kingdom's insurance sector to improve their earnings.
“It is certainly a positive thing. Any new line of revenue is good for the insurance sector,” Pritish Devassy, head of equity research at Riyadh-based Al Rajhi Capital said.
Saudi Arabia, the Arab world's biggest economy, reopened its borders in May after more than 14 months and loosened travel curbs on its own citizens. The kingdom also allowed inbound travellers from 11 countries, including the UAE, from Sunday.
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