Insurance competition to help Saudi economy: SIIC

 SIIC, which leverages the strength of three major players, Life Insurance Corporation of India, New India Assurance and the Fawaz Al-Hokair Group, has already invested $26.66 million of which $10.66 million will be allocated for the IPO probably before the end of this year, Nair said.

 "We are planning to set up three regional offices in Riyadh, Jeddah and the Eastern Province within the framework of our plan which calls for setting up 10 branches," he added.

The company plans to offer a full range of services in terms of perceivable risk coverage as well as savings and Takaful insurance products (an Islamic concept of insurance where policyholders form a co-operative), Nair said.