Saudi Arabian Cooperative Insurance Company (SAICO)

SAICO, a Saudi joint stock company, headquartered in Riyadh, was established in 2006. In 2010, SAICO obtained SAMA’s approval to market insurance products. The company’s vision comprises proper planning and the future goals of benefitting from the accelerating and expected growth of the insurance sector in the Kingdom. SAICO endeavors to realize its desired results in the interest of its shareholders, customers, and the insurance sector.

<p>SAICO&rsquo;s objectives can be summed up as offering insurance products and services that provide quality protection at reasonable prices through successful partnerships with its customers, agents, brokers, and other insurance companies as much as necessary. It is also SAICO&rsquo;s objective to ensure that all stakeholders' overall interests and objectives are respected.</p>

Development in all aspects of the Kingdom’s insurance sector has been garnering a good deal of positive attention lately. SAICO enjoys a strong bond with this major economic sector, which has been further boosted by regulations recently imposed by the government. SAICO is one of the first companies to have applied for a license under the new regulations.

The company has endeavored to remain an active member of the market. With its accumulated experience, growth can be expected, particularly in the new cooperative health insurance market.

SAICO believes in the importance of management action. They follow a culture that consistently encourages developing a broader and deeper view of market opportunities today and tomorrow. They believe in being innovative in strategy and structure, as well as being more collaborative with partners, and continually questioning their potential and desire for excellence. 

SAICO adopts a holistic and long-term approach to their staff, and establishes transparency with their customers and other stakeholders. SAICO strives towards broadening management’s understanding of the risks associated with the nature of their business, strengthening their process to migrate that risk, and equipping themselves for the market economy.

SAICO has launched a variety of internationally acknowledged insurance products that meet the highest standards to meet the needs of the Saudi market. The company has endeavored to attract highly-qualified staff with ample experience in this field. SAICO’s strong presence in the market has been reinforced by its customers, who have been loyal to the company for the values and standards it has committed itself to.

SAICO offers a comprehensive suite of insurance products for corporates:

• Group Medical: comprehensive health insurance for all employees in the private sector and their dependents.
• Automotive: solutions that cover private vehicles, commercial vehicles, heavy vehicles, and fleets.
• Marine Cargo: solutions that cover loss or damage to cargo carried, including general average, sue and labor, and salvage.
• Engineering: solutions that are designed for projects for the construction and manufacturing sectors, equipment, and machinery.
• Hull: solutions that cover barges, yachts, and fishing boats.
• Property: solutions that cover losses in the moveable and immovable assets due to fire, lightning, accidents, floods, earthquakes, and other hazards.
• Liability: solutions that cover comprehensive general liability, product liability, workmen’s compensation, employer’s liability, and more.
• Group Life: covers death from any cause, total permanent disability, and partial permanent injury.

Furthermore, SAICO Insurance offers motor insurance for individuals as well as motor and medical insurance for SMEs.

Want to learn more about SAICO and how their plans can help you? Contact a Pacific Prime Dubai advisor today! Our expertise and experience in all matters related to insurance, combined with our in-depth knowledge of the products from all the major insurers around the world, give us the ability to provide impartial advice that only a leading global insurance brokerage can give.

Not only can we tailor a plan that meets all of your needs and fits your budget, but we make sure our clients have a good time working with us. Our company motto of “simplifying insurance” is not just a slogan: it’s our core value.

Contact us for a quote or no-obligation consultation today!

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