• Annual Report 2021

العربية | ENGLISH


Our Sustainability Strategy

10.1 Our sustainability approach

As in many other industries today, ESG is becoming an increasingly important consideration in the insurance and reinsurance industries. Participants in insurance markets are becoming increasingly aware that regulators, rating agencies, investors, clients, and brokers are beginning to evaluate their performance, and the performance of other market players, through the ESG lens. A clear indication of this is the launch of the Net Zero Insurance Alliance (NZIA), by a group of eight global insurance and reinsurance group. NZIA members have made a commitment to transition their underwriting portfolios to net zero GHG emissions by 2050.ESG criteria can help insurers, reinsurers, and brokers improve client satisfaction, identify ESG opportunities proactively, and improve competitiveness.

Being among the region’s leading reinsurance firms, setting the standard in sustainability is part of our mandate. Within this mandate we preserve the integrity and core business values that have elevated Saudi Re to a position more capable of empowering society. Though the journey of recovering from a pandemic is yet to be completed, it has prepared the Company to make the right choices better and more efficiently. Saudi Re’s commitment to sustainability is highlighted by the fact that we were the first Middle Eastern reinsurer to publish a sustainability report. Our sustainability framework has been developed with a focus on integrating ESG factors into our strategies, plans and processes.

The COVID-19 pandemic has brought about an increased consciousness of the importance of sustainability.

Each of the strategies refined through the recovery process take us a step closer toward a socially and environmentally conscious future: mitigating Saudi Re’s carbon footprint and propagating a post-crisis growth through social development, employee engagement, and the expansion of our client portfolio. Sustainability is the core of our decision-making process, and as a Sharia-compliant reinsurance firm, we uphold our ethical duty of protecting the people and their businesses from most of the important risks they are exposed to. 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). The diagram below encapsulates the salient features of the framework.

10.2 Key stakeholder groups and stakeholder engagement

Stakeholders are parties (individuals or institutions), who are affected by Saudi Re’s activities, or can have an impact on Saudi Re by their actions, opinions or attitudes. The foundations to our strategy for sustainability begins with the value we place on all our stakeholders: clients, brokers, shareholders, analysts, investors, employees, regulatory bodies, suppliers and business partners.

A brief description of the key stakeholder groups is given below:

Clients: Clients are primary insurance companies who reinsure with Saudi Re, effectively its customers. We follow a client-focused approach, and our client relationships directly impact and are a measure of our success.

Brokers: Brokers are intermediary firms or individuals, who find and place new business on behalf of both Saudi Re and the insured client. They help negotiate rates and contracts, and help both parties find the best suited policies on the market.

Shareholders: Owners of equity share capital in Saudi Re.

Investors: Those who are existing or prospective investors in Saudi Re.

Regulatory Bodies: The main regulatory authority over Saudi Re, is, in common with the entire insurance industry, the Saudi Arabian Monetary Authority (SAMA). As a listed company, Saudi Re is also subject to regulation by the Capital Market Authority (CMA), and the Ministry of Commerce and Investment (MOCI). Our corporate governance framework ensures compliance to the codes, rules, and regulations of our regulatory bodies.

Analysts: Analysts are professionals who carry out data analysis, preparation and dissemination of client information for Saudi Re. They analyze insurance accounts, review insurance plans, and manage accounts for Saudi Re. Analysts identify issues with potential clients, and recommend whether we should take on the reinsurance.

Employees: Despite all the technology and the external resources available our “human factor” remains indispensable. We require talented and client-oriented employees, as well as strong management and internal technical expertise. We strive to provide them with opportunities to develop their capabilities, and progress in their careers. To motivate them, and help realize their potential, Saudi Re provides them with a safe, healthy, diverse and inclusive work environment.

The foundations to our strategy for sustainability begins with the value we place on all our stakeholders.

Suppliers or Business Partners: These are individuals or institutions who supply products or provide services to the Company.

Society: Saudi Re as a major company makes a substantial direct contribution to the economy of the Kingdom. By the nature of its operations, it reduces risks across a wide spectrum of businesses and individuals, whereby it also contributes to society. We also conduct a number of socially-oriented CSR activities.

The key stakeholder groups with engagement channels and mechanisms are represented below:

Regulatory Bodies

We have put in place a comprehensive corporate governance framework that oversees adherence to the codes, rules, regulations in Saudi Arabia and in the markets we operate.

  • Internal audit
  • Audit committee
  • External audit
  • Compliance department
  • Technical committee
  • Business risk committee
  • Annual reports

Clients and Brokers

We follow a client-focused approach. We invest in fulfilling their expectations and helping them achieve their goals.

  • Social media channels including LinkedIn
  • Customer service helpdesks
  • Market webinars
  • Regional/ International industry events
  • Cybersecurity framework

Shareholder, Analysts and Investors

We aspire to continuously meet shareholders’ expectations, creating value by conducting business with utmost transparency and accountability.

  • Open and transparent channels of communication with shareholders
  • Annual reports
  • Annual General Meetings
  • Financial results in a quarterly basis
  • Press releases
  • Investor conferences and one-on-one meetings
  • IR Mobile App
  • Risk Appetite Framework

Suppliers and Business Partners

We carefully select the suppliers who share our values. We are committed to the ethical and fair treatment of our suppliers.

  • Procurement departments
  • Annual reports
  • Credit agency reports


We are heavily involved and invested in the welfare of the communities we serve.

  • Community donations
  • Event sponsorship
  • Training session/ workshops
  • Supporting in protecting national assets


We strive to provide our staff with training and development opportunities to improve their competencies and provide a safe, healthy and inclusive workplace.

  • Human Resources team
  • Training sessions and workshops
  • Career development programs
  • Employee engagement program
  • Transparent and open communication channels
  • Whistleblowing policy
  • Saudi Re’s intranet
  • Health and life scheme coverage

The material topics are the issues that have the greatest impact on our business and our stakeholders. As of 2021 we have prioritized our key material topics.

Presented below is the materiality analysis that best represents the interests of our stakeholders and of Saudi Re. The material topics are ranked in order of importance.

At every stage of our prioritization, we look towards the enhancement of the factors that impact Saudi Re and its stakeholders, with priority being given to ESG considerations. Corporate governance ranks first in our ranking of material factors. Further, we focus on cybersecurity, developing talent, enabling the national strategy, climate change, ethics and financial performance, followed by customer satisfaction, inclusivity, integration into insurance, innovation, and responsible investing. Ambient priority is also placed on access to insurance, sustainable products, community investment, well-being, environmental management and sustainable procurement.

The commitments we make:

  • Work towards Saudi Vision 2030
  • Transparency, openness and accountability
  • Integrating ESG criteria while managing our environmental footprint
  • Maintain high standards of client relations
  • Enrich relationships with stakeholders
  • Protect and empower our workforce and community