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SAICO Insurance: A Legacy of Strength, Trust, and Growth in the Saudi Insurance Sector
SAICO Insurance has earned trust in the Saudi insurance industry since 1952. It began operations well before the Kingdom introduced formal regulations for cooperative insurance companies. In its early years, Saudi investors in Bahrain carried out SAICO’s cooperative insurance activities within Saudi Arabia.
Royal Order No. 32, issued on 2/6/1424, introduced new executive regulations for the insurance industry. In response, SAICO restructured its operations to align with these updated Saudi insurance laws. Shortly after, the Ministry of Commerce and Industry approved SAICO as a Saudi joint stock company through Ministerial Decision No. 193, dated 7/21/1428. Today, the company operates under the supervision of the Central Bank of Saudi Arabia.
At incorporation, SAICO held a capital of 100 million SAR, distributed into 10 million shares. In 2015, the company raised its capital by 150 million SAR through a priority rights issue. Then in 2018, it added another 50 million SAR via bonus shares. These moves brought its current capital to 300 million SAR, divided into 30 million shares.
Vision and Mission
SAICO’s vision is forward-looking, grounded in strategic planning and aligned with the fast-growing Saudi insurance market. SAICO works to deliver strong returns to shareholders and provide customers with reliable, fairly priced insurance products. It also builds collaborative partnerships with agents, brokers, and insurance firms to ensure that all stakeholder interests are respected.
Strategic Approach
The strategy of SAICO focuses on:
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Attracting top-tier, especially Saudi talent
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Delivering fast, high-quality service
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Serving small and medium-sized enterprises (SMEs)
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Offering diverse and distinguished insurance services
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Exceeding customer expectations and settling claims quickly
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Ensuring document accuracy and timely delivery
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Continuously engaging with clients for long-term trust
Core Objectives
SAICO seeks to secure a leading position in the Saudi insurance sector. The company focuses on serving businesses, factories, commercial institutions, and SMEs. It offers tailored insurance solutions that match the unique needs of different industries.
Competitive Edge
SAICO has built deep insights and strong credibility through its longstanding presence in the Kingdom. A skilled team of insurance professionals drives SAICO’s success. They adapt quickly to Saudi Arabia’s evolving market while maintaining high service standards.
