The Saudi Central Bank (Sama) has approved licensing for Cigna Worldwide Insurance Company to open a branch in the country.
Sama said the move is part of its initiative to encourage foreign direct investment “to increase competitiveness of the sector and utilise the potentials of the Saudi economy”.
“Enabling international entrants will enhance the quality of provided services, increase diversification of investors and introduce unique business models to the market,” the central bank added.
Cigna is the first foreign insurance company to be allowed to set up shop in Saudi Arabia.
Jerome Droesch, chief executive of domestic health and health services at Cigna International Markets, said: “I am very proud to share that Cigna Worldwide Insurance Company received an official branch licence from the Saudi Central Bank to operate as a health insurer in the Kingdom of Saudi Arabia (KSA).
“This is a milestone moment for us and represents an exciting step along our growth journey in the kingdom and the region. I would like to thank Sama for their support in our mission to be able to offer quality healthcare and exceptional service to the citizens and residents of KSA.”