Press Release
Saudi Re Announces Maintaining an AA+ Insurance Financial Strength Rating (IFSR) By SIMAH's Credit Rating Agency (Tassnief)
Saudi Re is pleased to announce that it has maintained an AA+ Insurance Financial Strength Rating (IFSR) by SIMAH's Credit Rating Agency, Tassnief, with a stable outlook
According to the report issued by (Tassnief), on 5th Nov. 2019, the rating of Saudi Re reflects its strong financial profile supported by its strong capitalization, with solvency levels of the company well above the requirement. It also incorporates the strength of the business profile having a well-established franchise in the key targeted markets that the company operates in, as well as the improved level of diversification for the international business, and a well-diversified GPW mix among the major lines of business. Furthermore, the report noted the strong governance framework, experienced management team, and sound financial profile and investment strategy. The rating also reflects the improvement in profitability and scale of the company that has been built over the years.
«Saudi Re» to sponsor the second annual Sharm El-Sheikh Insurance and Reinsurance Rendezvous
Recognizing the significance of the Egyptian and North African insurance market, Saudi Re is participating for the second time as a main sponsor of the second Sharm El-Sheikh Insurance and Reinsurance Rendezvous which will be held in Sharm El-Sheikh from November 11 to 13, 2019.
Sharm Rendezvous is expected to be attended by nearly 1000 participants from the regional and international insurance and reinsurance market. The Rendezvous will discuss four important axes: -The impact of regulation today and in the future; Profitability in non-life insurance: mind the gap; Climate Risk and Natural Catastrophes and Brokers as Partners - The Key attributes to succeed in sustainable, innovative and competitive environment.
Industry specialists presented their views about growth prospects in the Asian insurance markets in a seminar organized by Saudi Re last week in Kuala Lumpur, Malaysia. Qian Zhu, Vice President - Senior Credit Officer, Moody’s Investors Service, highlighted that premium growth in Asia Pacific’s property and casualty (P&C) sector remains robust and continues to exceed that of other regions on the back of the region’s economic growth, increasing wealth, and the need to build infrastructure. P&C insurers are also exploring new growth drivers from non-motor lines, while pricing discipline is becoming increasingly important for defending underwriting margins amid intense competition, she added.
The long-term demand for life insurance in Asia remains strong, underpinned by growing middle class and significant protection gap, citing the example of China where life insurance premium has increased by 16 percent in the first half of 2019, compared to a year earlier, Zhu noted.
In a recent report, Moody’s highlighted that regulatory changes are raising the bar on capital and internal risk management, and that tightening requirements for capital and asset liability management will strengthen the industry’s capacity to absorb shocks.
During the seminar, Mr. Ismail Mahbob, a board member in Saudi Re, addressed the upscaling potential of the Takaful business which reached 2.79 RM billion in 2018. He also discussed the product mix and distribution channels as well as the challenges and opportunities in the context of the Malaysian market.
Also among the speakers, Ahmad Al-Qarishi, Chief Risk Officer & Chief Actuary of Saudi Re, discussed the development of capital modelling and its impact on the insurer decision making and the management of counterparty risk.
Kim Hock Liu, Saudi Re Principal Officer of Saudi Re Labuan branch mentioned that the seminar brought together more than forty participants representing regulators, insurers and brokers, and offered an opportunity to actively engage in a dialogue among insurance professionals on industry matters. 