SAICO, a Saudi joint stock company, was established on the basis of a Royal Decree No. M/60 dated 18/09/1427H (11/10/2006) and Decision of the Council of Ministers No. 233 dated 16/09/1427H. It chose Riyadh to be the Head Office location. In the year 2010 the company obtained SAMA’s approval to market insurance products. The company aims at practicing all relevant activities to insurance. The company performs such works as may be necessary to realize its objectives whether in terms of insurance or investment of its capital. It can also own and activate fixed or capital assets as well as sell, replace or rent the same, whether directly or through companies it establishes for this purpose or via partnership with others. The major activity of the company includes offering insurance service in the fields of: vehicles, medical, sea shipment, fire, engineering, aviation, power, group life insurance and accidents.

SAICO has a capital of SR 300 million divided into 10 million shares with a face value of SR10 per share. The company’s founders contributed a total nominal value of SR60 million (6 million shares) representing 60 percent of the company’s capital, while the remaining 4 million shares with a nominal value of SR40 million were announced for initial public offering.

Our Vision

Our Vision

The company’s vision comprises of proper planning and future goals of benefitting from the accelerating and expected growth of the insurance sector in the Kingdom. SAICO endeavors to realize the desired results in the interest of its shareholders, customers and the insurance sector, in general.

Our Mission

SAICO’s objectives are summed up as offering insurance products and services that provide quality protection at reasonable prices through successful partnerships with its customers, agents, brokers and insurance companies in as much as is necessary and to make sure that the overall interests and objectives of all stakeholders is respected.
Our Mission
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SAICO aims to acquire a major market share of the insurance sector, both in the commercial and personal segments. It focuses mainly on the insurance services and requirements of the companies and factories, commercial enterprises, and the SME in the fields of sea shipment, fire, vehicles, house insurance, and medical insurance and personal accidents.

The rooted arid firm presence of SAICO Bahrain in the Saudi insurance market since the Eighties has given SAICO high competitive features and great support. SAICO Saudi Arabia has inherited the effective distribution network developed by SAICO Bahrain. The company performs its missions through a team of Insurance specialists. Its management team has a vast experience and interacts effectively with the rapid changes in the dynamically growing Saudi Insurance market.

SAICO has set its objectives in order to realize it’s mid& and long term strategies. The company works hard to fulfill its vision that aims to satisfy the needs and aspirations of its customers. Adopting a number of elements transformed into shared objectives, it plans to repeat in the Kingdom the great success it achieved with SAICO Bahrain, in addition to attracting the best and most qualified staff, mainly Saudi nationals. The company s strategy is based upon:

  • Speed and quality of the offered services

  • Great care of small and medium enterprises

  • Excellence and diversification of the insurance services offered

  • Recruitment of highly-qualified staff with vast knowledge

  • Exceeding the customers’ expectations and settlement of their claims rapidly

  • Carefulness in the accuracy of documents and speed of delivery

  • Consistent revision of the insurance documents and programs to ensure the best protection for the customers.

  • Maintaining constant communication with the customers.