"Consolidation is not currently an attractive option for the larger players because the smaller companies are looking to get their market share price for the sale of their portfolio or company," explains Raeed A. Al-Tamimi, CEO of Tawuniya.

"This is not attractive at all because many companies' market share price is ten times the value of their books and so it is not attractive to merge or consolidate. In order to consolidate you have to see the benefit of doing so, for example, if you are missing a segment or if another company is serving a certain segment in a better way, it represents a good reason to consolidate. However if there is no added value and the cost is very high then there is nothing in it for the larger companies."

Interview: http://www.marcopolis.net/the-saudi-insurance-market-is-young-says-largest-insurance-company.htm?highlight=WyJ0YXd1bml5YSJd