Saudi Re says insurance sector witnessing ‘significant overhaul’

Saudi Arabia's insurance sector is undergoing a significant overhaul as regulatory controls are progressively developed, Saudi Re Reinsurance Company (Saudi Re) said in a statement on Monday.

The Kingdom’s insurance industry grew at an average annual rate of 18 percent in the last 10 years, making it one of the world's fastest growing markets, while gross written premiums (GWP) reached SAR 36.5 billion in 2017, compared to SAR 8.6 billion in 2007, the statement noted.

The Kingdom’s first reinsurance company is the platinum sponsor of the 5th Saudi Insurance Symposium, the largest event for Saudi insurance companies and the wider GCC region. The symposium, which will take place in Riyadh on March 27 and 28, will attract more than 1,000 insurance specialists, local officials, international managers and executives.

Held under the theme of “Protection and Sustainability”, the symposium will address key topics relating to reinsurance, saving insurance, health insurance, entry of foreign companies and other key topics.

"The A3 insurance financial strength rating (IFSR) and a stable rating by Moody's reflect our strong brand and market position in Saudi Arabia. Saudi Re's participation in the symposium will provide us with a unique opportunity to further develop the local and regional reinsurance sector. We anxiously look forward to being part of this mega event," said Fahad Al-Hesni, CEO, Saudi Re.

With a paid up capital of SAR 810 million, Saudi Re had total assets worth SAR 2.6 billion and gross written premium of SAR 942 million in 2017.  The firm has a wide presence in the Middle East and North Africa region and its international book of business now account for nearly 60 percent from more than 40 countries across the Middle East, Asia, Africa and Lloyd's market.