Cigna becomes first international insurance company to receive branch licence in Saudi Arabia
Move to boost FDI in the sector and enhance quality of services
The Saudi Central Bank (SAMA) has granted licence to Cigna Worldwide Insurance Company, making it the first foreign health insurer to open a branch in the kingdom.
The granting of the licence falls under SAMA's initiatives to encourage foreign direct investments in the sector, the central bank said.
“Additionally, enabling new international entrants will enhance the quality of provided services, increase diversification of investors and introduce unique business models to the market,” it added.
“This marks a significant milestone for Cigna in the Kingdom and across the Middle East and Africa region,” said Jason Sadler, president, Cigna International Health. “The licence enables us to deliver a stronger value proposition, access, and service to our clients through a host of proprietary health and well-being products and services.”
“We are excited by the growth prospects of the health insurance sector in the Kingdom of Saudi Arabia, outlined in Vision 2030,” Jerome Droesch, CEO of Domestic Health & Health Services at Cigna International Health, said. “We are also thankful to SAMA for their support in our mission to be able to offer high-quality, affordable health insurance solutions, focused on delivering excellent customer, client, and broker services to the citizens and residents of the Kingdom of Saudi Arabia.”