Orient Insurance Announces Official Launch In Saudi Arabia

The inauguration of Orient Insurance’s offices in Al Ghadir, Riyadh, marks the company’s expansion into the Saudi market.

Turki Alshahrani, CEO of Orient KSA, will lead the local team, which includes executives specialising in underwriting, business development, finance, and other key areas.

Alshahrani 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.”

Orient Insurance holds an A+ rating from S&P and a+ from AM Best, the highest financial strength ratings of any insurer in the region. The company will provide a range of innovative general, life, medical, and motor insurance and reinsurance solutions to individuals, corporations, and government entities across Saudi Arabia.

Omer Elamin, President of Orient Insurance said: “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.”

“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,” he added.

The Saudi insurance sector has experienced significant growth, with gross written premiums (GWP) increasing by 22.7 per cent in 2023 to reach SAR 65.5 billion ($17.5 billion).

“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 said.

The rising demand is driven by robust economic activity, increased health insurance coverage, including mandatory coverage for private sector employees and a 23 per cent rise in vehicle sales in 2023.

Orient’s entry into Saudi Arabia comes during a period of transformation in the industry.

The Insurance Authority (IA) is working to enhance stability and transparency by consolidating regulatory functions and standardising industry practices to better serve the Kingdom’s growing population.