BUSINESS

Aon’s new Saudi Arabia reinsurance unit aligns with Kingdom’s Vision 2030 targets

November 28, 2021

ALKHOBAR — Aon plc, a leading global professional services firm, announced that Aon Reinsurance Brokers Saudi Arabia LLC (ARBS) has commenced operations having received a reinsurance broking licence from the Saudi Central Bank (SAMA). The new reinsurance unit will be led by Mohammad Al Marhoon, managing director of Aon’s Reinsurance Solutions Saudi.

The Saudi insurance market is undergoing structural change through more focused regulations and operational reforms, aligning to the guidance of Saudi Vision 2030 – “a unique, transformative economic and social reform blueprint that is opening Saudi Arabia up to the world.”

Privatization driven by Vision 2030 is intended to provide greater opportunities for the global insurance sector in terms of risk analysis and mitigation, as well as through Saudi firms’ and citizens’ increased utilization of a wider range of financial tools.

According to a SAMA report, Saudi insurance premiums grew by 2.3 percent in 2020, with total written premiums reaching SR38.78 billion. With its new local reinsurance unit, Aon aims to deliver reinsurance expertise, innovative solutions and best-in-class service to regional clients.

Amr Sartawi, chief executive officer, Aon’s Reinsurance Solutions Middle East, North Africa and Turkey, said: “In a growing insurance market that currently generates approximately $10.3 billion in premiums, we have the local presence, global access and extensive capabilities to position us to provide the world-class service that clients would expect from their broker of choice, helping them to build a resilient workforce and reduce the volatility of their businesses.”

Al Marhoon, managing director of Aon’s Reinsurance Solutions Saudi added: “With new opportunities arising in this key sector, our timely entrance into the Saudi reinsurance market will provide new impetus along with an inclusive insight. The establishment of our local reinsurance unit progresses Reinsurance Solutions’ global strategy in the region and aligns to the Kingdom’s Vision 2030. It will also offer us the opportunity to train Saudi talent who will specialize in reinsurance.”

In an unpredictable and volatile world, known threats such as climate change and pandemics sit alongside emerging challenges such as data security, supply chain disruption, the rise of intangible assets and the widening health-wealth gap. These new forms of volatility expose organizations to risks that impact their colleagues, customers, reputation and, ultimately, their profitability.

Businesses, governments and communities therefore need to become more resilient. To achieve this, organizations must tackle volatility from current challenges while enhancing strategies for future growth, achieved through the focused management of risk exposure.

Aon’s extensive experience, global reach and investment in analytics mean that, whether emerging or traditional risks, the firm is well placed to deliver the insights and advice that aim to help clients protect and grow their businesses and make better business decisions. — SG


November 28, 2021
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