Sustainability
Being among the region’s leading reinsurance firms, setting the standard in sustainability is part of our mandate. Our sustainability framework has been developed with a focus on integrating ESG factors into our strategies, plans and processes.
Saudi Re Approach & Stakeholders
Through our experience in sustainability, we have built our framework to capture a commitment and a drive toward transparency, accountability, environmental and social consciousness. The development of such a framework was done in consideration of the interests of our stakeholders, as well as national and regional visions and objectives, such as the Kingdom of Saudi Arabia Vision for 2030, National Sustainability Standards, the GRI standards and the United Nations Sustainable Development Goals (UNSDGs).
Materiality
The material topics are the issues that have the greatest impact on our business and our stakeholders. We have prioritized our key material topics by looking towards the enhancement of the factors that impact Saudi Re and its stakeholders, with priority being given to ESG considerations. The material topics are ranked in order of importance in the diagram.
Saudi Re Approach & Stakeholders
The foundations to our strategy for sustainability begins with the value we place on all our stakeholders. Those stakeholders are affected by Saudi Re’s activities, or can have an impact on Saudi Re by their actions, opinions or attitudes. They are: clients, brokers, shareholders, analysts, investors, employees, regulatory bodies, suppliers and business partners.
National Contribution
With our commitment to national development, Saudi Re is dedicated whole heartedly to the actualization of the Saudi Vision 2030. Economic growth as a centerpiece for our plan means that opportunities are created for Saudi citizens, by providing training and development; women are empowered to be appointed to senior positions. Further, we prioritized the Saudization of Saudi Re by committing to recruit Saudi Citizens and giving them the skills required to be professionals in the insurance and reinsurance industry.
ESG Activities
Saudi Re also demonstrates its commitment to ESG by innovative initiatives to uplift the social and economic conditions of local communities where we operate. Our focus areas in such activities include promoting economic growth, creating job opportunities, enhancing education, providing healthcare services, youth development and philanthropic activities. We conduct such programs with a sensitivity to the traditions and the culture of the communities, and craft them so as to improve the quality of life of the people.