The National Reinsurer

3.1 A National Champion Shaping the Future of the Industry

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 eighteenth-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.

3.2 Fueling Economic Resilience and Transformation

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.

3.3 Leading through Local Content Development

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.

3.4 Insurance Export, A Strategic Lever for Sector Growth

Over nearly two decades, 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.

3.5 Commitment to the Long-term Stability of the Economy

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.

Honoured 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.

3.6 The National Insurance Sector Strategy

Key Features of the National Insurance Sector Strategy

The approval of the National Insurance Sector Strategy (NIS) in January 2025 marks a historic turning point for the Kingdom’s financial landscape. Designed to unleash the latent strengths of the Saudi insurance market, the strategy aligns the sector’s evolution with the broader ambitions of Saudi Vision 2030 and aims to transform it into one of the most sophisticated, developed, and rapidly growing insurance hubs on the global stage.

3.7 Programs and Initiatives

The Insurance Authority, in collaboration with strategic partners and stakeholders, will spearhead the strategy through a robust framework consisting of 11 strategic and enabling programs and 72 targeted initiatives.

Strategic Program	Core Objective and Key Initiatives
1. Health Insurance	11 initiatives to increase mandatory compliance and remove regulatory barriers, aiming to expand coverage to 23 million beneficiaries.
2. Vehicle Insurance	9 initiatives to build a pricing database and adopt telematics, with a target of increasing insured coverage to 16 million vehicles.
3. P&C (Individuals)	Establishing a centralized system for policyholder data and enhancing distribution channels to increase accessibility to protection products.
4. Protection and Savings	12 initiatives to raise financial literacy and encourage SMEs to offer corporate savings programs to promote financial inclusion.
5. P&C (Companies)	Enhancing regulatory frameworks to attract restricted-activity insurers and supporting the doubling of risk-based capital across the sector.
6. Reinsurance	10 initiatives dedicated to enabling local reinsurers to expand into global markets and increasing the volume of local reinsurance.
7. Retention and Capacity	Focused on increasing domestic risk retention, particularly within the property and casualty segments, to keep premiums within the national economy.
8. Uninsured Risks	Creating the first National Insurance Pool to cover national risks.
9. Regulations and Legislation	Reviewing and updating relevant laws to increase market attractiveness, maturity, and transparency for all stakeholders.
10. Technology, Data and AI	Modernizing digital infrastructure and establishing a secure, unified database to enable advanced analytics and modernize digital standards.
11. Human Capital	Developing national talent through specialized professional training to fill 38,500 specialized jobs within the insurance field.

Strengthening the National Reinsurance Market

A critical component of the NIS is the focus on Reinsurance and Retention. Through 10 specialized initiatives the NIS seeks to empower local reinsurers to expand into global markets, increase the volume of domestic risk retention, and establish the Kingdom’s first insurance pool to cover previously uninsured national risks. This approach not only enhances private sector participation in risk management but also ensures that Technology, AI, and Human Capital remain at the heart of the sector’s evolution. By unifying digital infrastructure through advanced analytics and integrating insurance concepts into school curricula, the NIS is building a specialized, technologically advanced workforce equipped to lead the Kingdom toward a secure and innovative future.