Saudi Arabia is emerging as a major hub for international insurers and reinsurers, with several foreign companies exploring entry into the Kingdom, according to officials speaking to Asharq Bloomberg.
Naji Al-Tamimi, Chairman of the Saudi Insurance Authority, said discussions are underway with about four global firms considering participation in the reinsurance market. He credited the Kingdom’s strong regulatory framework and advanced digital infrastructure for attracting foreign investors.
Al-Tamimi also confirmed that Saudi Arabia plans to implement a Risk-Based Capital system by 2027, following a pilot phase in 2026, enhancing underwriting capacity and global competitiveness. The insurance sector aims to expand its workforce from 18,000 to 39,000 employees in the coming years.
The Saudi insurance market grew by over 17% in 2024, with penetration rising to 2.6%, and the country targets doubling premium value by 2030, said Abdulaziz Al-Bouq, Chairman of the Authority’s Board.Meanwhile, Riyadh Reinsurance Co. officially launched at the Global Insurance Conference after securing its final license, joining Saudi Re as a key sector player. CEO Fahd Al-Husni said the local reinsurance market could reach SR20 billion by 2030, with Riyadh Re planning to increase its capital from SR550 million to SR800 million within four years.
