The National Reinsurer

As the National reinsurer, we welcome the pivotal role Saudi Re plays in fostering a robust insurance ecosystem; one that empowers the primary insurance industry, bolsters national economic growth and resilience, and furthers the Kingdom’s visionary agenda. A stronger insurance system not only contributes to a secure and stable economy, it also directly supports national interventions and recovery efforts during times of crisis.

We actively support primary insurers in unlocking their potential for growth; providing the necessary reinsurance capacity and expertise to navigate complex risks and expand their market reach. As the Kingdom’s first full fledged reinsurer, we recognize our role and responsibility in advancing the sector by elevating professional standards, fostering best practices, and developing tailored and innovative solutions that directly address specific risk management needs of the evolving Saudi market. In addition to traditional products, we continually respond to market needs with sophisticated solutions; such as Inherent Defects Insurance (IDI) for the construction sector, Cybersecurity Insurance, Employer Default Coverage, and Surety Bonds.

We also engage and work closely with a wide swathe of stakeholders in the insurance ecosystem, including insurance providers, brokerage firms, and protection-focused entities. Fostering collaboration and building strong and lasting partnerships within the industry ensures optimal service delivery; which in turn facilitates seamless risk-sharing and financial security solutions for multiple industries.

A hallmark of our fifteen-year journey has been the development of human capital behind the insurance industry. We are proud to have brought insurance professionals to the fore: supporting youth in the job-market, contributing to career development, providing specialized training, incorporating new technology, and fostering innovative thinking.

Saudi Re plays a significant role in enhancing the resilience of the Saudi Arabian economy by providing a comprehensive suite of reinsurance solutions. While maintaining a broad underwriting portfolio spanning diverse sectors in property and casualty, and life and health, we are actively developing our presence in key emerging sectors; aligned with the Kingdom’s Vision 2030. Our solutions play a critical role in safeguarding and protecting national assets, domestic enterprises, and local communities; ensuring business continuity and economic stability by mitigating risks associated with commercial activities within the Kingdom. Furthermore, our efforts actively close the protection-gap and promote financial inclusion by improving access to risk mitigation tools and making sure insurance is embedded in the economy.

We are also privileged to be involved in shaping the future of the Kingdom as our leadership position enables us to secure adequate capacity and effectively underwrite complex risks associated with large-scale developments. These landmark projects are improving economic diversification, reducing dependence on oil revenues, and reshaping key sectors of the economy. Our engagement, in the form of robust risk management and financial protection, ensures that primary insurers, contractors, investors, and other stakeholders are better able to manage the substantial risks inherent in these transformative giga-projects.

As a home-grown reinsurer leading the sector in Saudi Arabia, our growth and capacity directly contribute to local content development. By retaining reinsurance premiums within the Kingdom, we enhance their value to the national economy and promote industry localization; while cultivating national talent, and creating valuable local employment opportunities. Energized by a new strategic partnership with the Public Investment Fund (PIF), our anchor shareholder, and spurred on by our growth ambitions set out in Strategy Towards 2028; we are scaling up domestic capacity to meet market growth and demand, while ensuring more reinsurance premiums stay within Saudi Arabia.

We ensure that the Company’s resource allocations are closely aligned to the Kingdom’s priorities and development goals as outlined in Saudi Vision 2030. Mainstreaming and integrating ESG considerations, part of our holistic approach to sustainability, is a key element in this process; as we drive better environmental outcomes, maintain compliance with Sharia principles, and uphold the highest ethical standards. This enables us to de-risk key industries and infrastructure projects, enhance access to quality financial services for insurers and their policyholders, and serve as a strategic anchor that advances the Kingdom’s broad-ranging development.

Over the last 15 years, we have strategically expanded our global footprint, strengthened our presence in over 40 international markets, established a strong network of partners, and built trust in the Kingdom’s insurance sector through continuous engagement.

We stand as the only insurance company in the Kingdom actively engaged in exporting reinsurance services; a testament to our expertise, financial strength, and adaptability. Our ability to navigate diverse market environments, deal with multiple regulators, and operate seamlessly across borders positions us as a key player in the global reinsurance market.

By extending our services beyond Saudi Arabia’s borders, we contribute to enhancing the Kingdom’s economic footprint, increase foreign exchange inflows, and bolster the competitiveness of the local insurance sector through the crucial transfer of expertise and know-how.

Our unique access to the full insurance and reinsurance ecosystem – spanning global insurers and reinsurers, brokers, and regulatory bodies – allows us to effectively bridge gaps between local and international markets. This strategic positioning not only enhances our capability to offer comprehensive risk solutions, but also reinforces our role as a regional leader and the national reinsurance champion-exporting Saudi expertise to the globe.

Our strategic partnership with the Public Investment Fund (PIF), anchor shareholder, underscores our commitment to advancing the national insurance sector in alignment with broader economic goals. This collaboration is built on a shared vision to enhance insurance practices, develop the market, and contribute to the long-term stability of the economy by de-risking key industries and infrastructure projects.

Honored to serve the nation as a Reinsurer Champion in the helm of the industry, we reflect on our vital role in supporting the national economy, serving as a strategic anchor in advancing the country’s broad-ranging development towards Saudi Arabia Vision 2030.