Re/insurance broker Aon has announced the formation of a new reinsurance broking unit in Saudi Arabia, Aon Reinsurance Brokers Saudi Arabia LLC (ARBS). ARBS received a reinsurance broking licence from the Saudi Central Bank (SAMA). This development is seen as particularly significant considering Saudi Vision 2030, which promises to deliver structural change to a Saudi insurance market via more focused regulations and operational reforms. A recent SAMA report indicates that Saudi insurance premiums grew by 2.3% in 2020, with total written premiums hitting SR38.78 billion.
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. 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.