Our aim is to strengthen Saudi Re’s position as a regional leader in the reinsurance industry; a financially robust company, with a sustainable business model, which creates value for its shareholders and clients
10.1 Our sustainability approach
Saudi Re aspires to lead the region in sustainability by protecting the environment, supporting communities, nurturing competencies of our human capital, and participating in global efforts to mitigate climate change; while improving and expanding economic value to the Company and our clients. Saudi Re’s Code of Professional Conduct and Ethics ensures we treat clients fairly and ethically.
We rely on our strong Sustainability and Social Responsibility Policy, which was approved at the Annual General Assembly Meeting (AGM) in 2022, acknowledging that sustainability and social responsibility is best fulfilled by incorporating core sustainability principles into our policies, procedures, and practices that guide us through our sustainability journey. Saudi Re also boasts a high Saudization rate, which reflects our dedication to supporting the local workforce. Moreover, we intend to increase the Saudization ratio annually. Our commitment to sustainability also extends beyond the Company, clients, and employees. We are dedicated to preservation of the environment; a concept that is in harmony with our Islamic values.
Saudi Re’s sustainability strategy also allows us to contribute positively to the Kingdom’s development and actualization of Saudi Vision 2030. The Company strives to maximize the local content contribution through the retention of reinsurance premiums within the Kingdom and increasing its value to the local economy. Saudi Re contributes to the non-oil GDP by exporting its reinsurance services to the international market, thereby representing the Kingdom in the international economic arena. We also strive to enhance the lives of Saudi citizens by way of financial and social inclusion.
Sustainability is embedded in our Vision and Mission, as it is at the core of our decision-making process. As a Sharia-compliant reinsurance firm, we uphold our ethical duty to safeguard people and businesses against the greatest risks to which they are exposed.
Through our experience in sustainability, we have built a framework of commitment and a drive towards transparency, accountability, and environmental and social consciousness. Guided by sustainable practices, our aim is to strengthen Saudi Re’s position as a regional leader in the reinsurance industry; a financially robust company, with a sustainable business model, which creates value for its shareholders and clients.
Saudi Re also practices sustainable investment, which emphasizes the importance of incorporating ESG considerations into investment practices. The Company actively avoids investments that could potentially harm the environment or society.
10.2 OUR SUSTAINABILITY PILLARS
- Contribute to Saudi Vision 2030
- Carry out sustainable procurement
Strong governance and economic performance
- Operate with transparency, openness and accountability
- Foster an ethical and compliant culture
- Strive for sound financial performance
Responsible customer relations
- Maintain high standard of client service and satisfaction
- Introduce innovative and sustainable products and services
- Ensure adequate data protection and data privacy
- Climate change and energy transition
- Environmental management
- Integrate ESG criteria in underwriting
- Invest responsibly
- Improve financial inclusion/access to insurance
People and community care
- Develop talent of workforce and sector
- Create a diverse and inclusive work environment
- Prioritize health and well-being of workforce
- Investment in community development
- Foster relationships with key stakeholders
10.3 Stakeholder engagement
Saudi Re’s stakeholders are an integral part of the Company’s sustainability, success, and ability to create value. The foundation of our sustainability strategy begins with the value we place on all our stakeholders: clients, brokers, shareholders, analysts, investors, employees, regulatory bodies, suppliers and business partners. This is reflected in the Company’s new Sustainability and Social Responsibility Policy, and the way material matters are identified and prioritized.
|Stakeholder||Mode of engagement||Frequency of engagement|
||As per regulatory requirement, or on an annual basis|
Clients and brokers
||Regular and routine engagement|
Shareholder, analysts and investors
||Continuous engagement through open and transparent formal channels maintained with shareholders|
Suppliers and business partners
||Regular and routine engagement|
||Event/Project-based engagement and responsive engagement|
||Continuous engagement through transparent and open communication channels.|
10.4 Our sustainability policy
Saudi Re’s new Sustainability and Social Responsibility Policy guides the management of material topics. With the Company and its stakeholders in mind, we place a strong emphasis on Environmental, Social and Governance (ESG) considerations. Corporate governance takes the top priority in our list of material factors, followed by cybersecurity, talent development, alignment with the national strategy, ethics and financial performance, and customer satisfaction. Other important considerations include inclusivity, integration into the insurance sector, innovation, responsible investing, and access to insurance. Additionally, we place emphasis on sustainable products, community investment, well-being, environmental management, and sustainable procurement.
10.5 Our material matters
Saudi Re identifies and discloses material topics as issues that have the greatest potential impact on our business and stakeholders, and issues that are prioritized by the Company and stakeholders.
The following table and materiality map graphically represent Saudi Re’s key material topics, ranked in order of importance.
|Data protection and cybersecurity||2|
|Serving the national strategy||4|
|Climate change and energy transition||5|
|Ethics and compliance||6|
|Diversity and inclusion||9|
|Integrating ESG in insurance||10|
|Innovation and digitalization||11|
|Access to insurance||13|
|Sustainable products and services||14|
|Health and well-being||16|