Orient Insurance, a division of Al-Futtaim, has announced its launch in Saudi Arabia. The launch was marked by the official inauguration of Orient Insurance offices in Al Ghadir in Riyadh. 

 

Turki Alshahrani, CEO of Orient KSA, will lead the local organisation consisting of executives from underwriting, business development, finance, and other key areas. 

 

He said: “The expansion into Saudi Arabia marks a significant milestone for Orient Insurance that commenced operations in 1982, demonstrating its commitment to serving the evolving insurance needs of a fast-growing market while reinforcing its position as a market leader in the regional insurance ecosystem.”

 

Financial strength

Equipped with an A+ rating from S&P and a+ from AM Best - the highest financial strength rating of any insurer in the region, Orient Insurance will offer individuals, corporations, and government entities access to innovative general, life, medical, and motor insurance and reinsurance solutions. 

 

“Strategic economic diversification efforts, numerous megaprojects, and billion-dollar investment opportunities are making Saudi Arabia a magnet for global investors and talent. With its fast-growing population and robust demand, the kingdom represents a significant opportunity for growth,” said Omer Elamin, President of Orient Insurance. 

 

“Orient’s expansion into the kingdom is a strategic move that will not only strengthen business and portfolio resilience by diversifying our geographical footprint, but it will also allow us to leverage decades of expertise in delivering customer-centric insurance solutions to meet the diverse and evolving needs of Saudi Arabia.” 

 

Scale and breadth of coverage

“Orient’s scale and breadth of coverage allow us to tailor insurance solutions to customer needs and deploy at an expanded capacity, which will ultimately enhance and advance the insurance landscape in the kingdom,” Elamin added. 

 

The insurance sector in the kingdom has witnessed significant growth in recent years, with its gross written premium (GWP) up 22.7% in 2023 and reaching SR65.5 billion ($17.5 billion). Robust economic activity, rising health insurance coverage – including mandatory coverage for residents employed by the private sector – and increasing vehicle sales, up by 23% in 2023, contribute to high demand in Saudi’s dynamic insurance landscape. 

 

Orient enters Saudi Arabia amid significant transformation in the industry. The Insurance Authority (IA) is driving greater stability and transparency in the market by consolidating regulatory functions and streamlining and standardising industry practices to better serve the kingdom’s growing population.--TradeArabia News Service