RIYADH — Saudi Re Reinsurance Company (Saudi Re), the first reinsurance company established in the Kingdom of Saudi Arabia, announced Monday that it will participate as a platinum sponsor of the 5th Saudi Insurance Symposium, the largest event for Saudi insurance companies and the wider GCC region.

The sponsorship is part of Saudi Re’s brand recognition strategy, as the Kingdom’s insurance market is set to witness robust growth under the National Transformation Plan 2020, Financial Sector Development Program and the Vision 2030 program.

The symposium will take place in Riyadh on March 27 -28, and will attract more than 1,000 insurance specialists, local officials, international managers and executives.

Held under the theme of “Protection and Sustainability”, the symposium will address key topics relating to reinsurance, saving insurance, health insurance, entry of foreign companies and other key topics.

Fahad Al-Hesni, Managing Director and Chief Executive Officer of Saudi Reinsurance Company, said: “We’re excited to be a platinum sponsor of the 5th Saudi Insurance Symposium. The symposium stands out as a major event in the region and offers an opportunity for dialogue among the market players on market development matters.”

“The A3 insurance financial strength rating (IFSR) and a stable rating by Moody’s reflect our strong brand and market position in the Kingdom of Saudi Arabia. Saudi Re’s participation in the symposium will provide us with a unique opportunity to further develop the local and regional reinsurance sector. We anxiously look forward to being part of this mega event.”

Saudi Arabia’s insurance sector is undergoing a significant overhaul as regulatory controls are progressively developed, Al-Hesni added.

The Kingdom’s insurance industry grew at an average annual rate of 18 percent in the last 10 years, making it one of the world’s fastest growing markets. The market gross written premiums (GWP) reached SR36.5 billion in 2017, compared to SR8.6 billion in 2007. Saudi Insurance Market ranks 41st globally and 13th among the Asian markets.

With a paid up capital of SR810 million, Saudi Re had total assets worth SR2.6 billion and gross written premium of SR942 million in 2017.

The company has a wide presence in the Middle East and North Africa region and its international book of business now account for nearly 60 percent from more than 40 countries across the Middle East, Asia, Africa and Lloyd’s market. — SG