Riyadh – Mubasher: Saudi insurers’ mergers are delayed on the back of internal decisions of their board of directors, CNBC reported, citing Adel Al-Issa, spokesperson of insurance firms in the Kingdom.

"It is preferable for mergers to include more than two firms to create a stronger and larger entity, and also fast track the consolidation process," Al Issa added.

He pointed out that the mergers are a strategic imperative, expecting the closure of insurance companies that do not plan consolidations up to three years of establishment.

"The move will help reduce manipulations and offer fair pricing opportunities," Al Issa concluded.