Newly-established reinsurer Riyadh Reinsurance Co (Riyadh Re) is predicted to generate net profits of about SAR30m ($8m) to SAR60m per year in 2026-2028, assumes S&P Global Ratings (S&P) in its base-case scenario.
The insurance industry in Saudi Arabia will start its transition to a risk-based capital (RBC) regime next year, with full adoption targeted for 2027, said the CEO of the Insurance Authority (IA) at the ingate Global Insurance Conference & Exhibition that was held last week.
Newly launched Riyadh Reinsurance Company (Riyadh Re) has appointed Mr Belhassen Tonat as CUO, effective November. He will be based in the company's headquarters in Riyadh.
Lockton, the world's largest privately held independent insurance broker, has announced its expansion into the Kingdom of Saudi Arabia, further strengthening its presence across the Middle East. This move is part of Lockton's broader international strategy to ensure proximity to clients and deliver tailored insurance solutions in high-growth markets.
Mr Mohammad Al Abdul Jabbar has been appointed as CEO of Lockton's direct operations in Saudi Arabia. He brings more than two decades of experience across both insurance broking and underwriting, having held senior leadership roles at leading insurance brokers as well as local insurers.
The financial performance of Saudi Arabia's insurance market in the first three quarters of this year (3Q2025) continued to reflect the challenging dynamics observed earlier in the year, with profitability pressures persisting across most insurers, according to the international actuarial and risk consulting firm, Badri Management Consultancy.
The Saudi insurance market recorded growth of more than 17% in 2024, with the insurance penetration rate standing at 2.6% of non-oil GDP. The growth rate outpaced the G20 average, pointed out the Chairman of the Insurance Authority Abdulaziz Alboug.
The Company for Cooperative Insurance (Tawuniya), the biggest insurer in the Middle East, has launched Riyadh Reinsurance Company (Riyadh Re), a new reinsurer with strong domestic, regional and global ambitions.
Profitability in the Saudi insurance market has been volatile over time, with competitive pressures driving frequent changes in the pricing cycle, said Moody's Ratings.
Four main themes will be discussed at the Global Insurance Conference & Exhibition ingate, set to be held in Riyadh on 10-12 November.